I haven’t gotten a tour yet, but based on driving by and photos of the inside, it looks ready to rent right away.

They're highly popular for turnkey rental properties because qualification is primarily based on the income generated by the property itself rather than the borrower.

As I start to look at what sub-contractors I want to use I wanted to see if anyone has a good base template for sub contractors to sign?

We have made money buying properety based on cash flow (lower priced) rented out for a period, then selling to an owner occupant. 

@Stephanie Menard, a few comments based on my own experience.1.

If the answer to the last question is yes, I think it'll be a hard choice.I see a reasonable appreciation rate for underwriting at about 6% based on neighborhood scout, so nominally I think you'll make 10-11% if you had paid cash which means I think you'll do quite well holding on (20% returns or so). 

@Ilir Livadhi I think you are referring to property wholessalers telling you how much the rehab will be - and as you see, their numbers are often not based on reality.

A business partner approached me about it, and I negotiated the deal based on CAP rate.

We're based out of Chaska.

I would suggest coming to some investing meet ups and just start talking to others and form a plan based off of that.