Interest rate is 6.3 and cash to close was $23,500.00 due to higher closing costs with DSCR loans.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

This helps determine if I would be responsible for covering those costs.

The home appraised for 1.2M, the deal is anything the home sales for over 1M after the fix up he will split with me minus my costs. he will hold the home while I do the renovations, no home purchase necessary.My question is how do I find the ARV on a high end home so I know if this is worth pursuing? 

How much should I estimate this will cost? 

Some investors prefer to start saving for these ASAP, while others plan to deal with them when they happen.The unknown is Maintenance costs, which are often dictated by how "hard" a tenant lives in a property.

If you are in a state where eviction cost is high and it is tenant friendly you may need a higher credit score to offset default risk and eviction cost.If you are in a landlord friendly state where it is easier to get non paying tenants out you may be able to handle more none payment risk.  

., mobile homes often lose value over time unless they are situated on owned land) and tenant turnover.However, tax advantages include depreciation deductions, which allow you to offset rental income by writing off the property's value over time, and cost segregation, which accelerates certain deductions.

I wouldn't be opposed to having a little skin in the game (closing costs, inspections, etc) I would be living there paying market rent and doing the improvements myself.

Some say it increases bookings, while others mention concerns about damage and additional cleaning costs.