Congrats on your lot purchase in an awesome Chicago neighborhood like Humboldt Park.

You can save a lot on costs if you do many repairs yourself.Look into hard money lenders or private lenders for the initial purchase and rehab.Connect with wholesalers, agents specializing in investment properties, and other BRRRR investors to find deals and learn more.

Help him purchase another home Subject to that existing mortgage. 

It may make sense for the right purchaser to repair.

Flipping a brand new home likely wouldn’t bring much profit - especially after having to close twice when you first buy it, and later sell it.Maybe you have millions to spend and I’m just missing the big picture… but when I think of “income” I’m usually thinking “net income” after you factor in expenses, like purchase price or building costs?  

You get some of the strongest rent demand in the Phoenix area being closer to downtown, and then you position yourself for the upside of the growing North Phoenix economy with TSMC and other economic developments.If you want more info, I can send you the 3-5 most recent properties my clients have purchased in the last month for you to review.

I also purchased the "training/coaching" and received very little support and what I did receive was not very valuable.

This would allow you to sell a property you had purchased with the intent of holding for productive investment use. 

My metrics were to be all in purchase and renovation at or below 80% ARV. 

Purchase price: $150,000 In the process of buying 1.21 acres in Isabela, Puerto Rico.