And if you top it off with the anticipated appreciation over the next three years this is a great time to buy!

Both of you will be filing title claims so make sure Title knows all your current and anticipated income and expenses.Some advice.

All in all I would say the biggest red flags that I'm not sure I could've anticipated without experiencing it for myself were the lack of commitment to the project, lack of project management skills, and lack of planning ahead/ anticipating lead-times of materials.

I anticipate having both where they need to be in 6 months.   

Prices around here and the short supply is making it much more challenging than anticipated.

It's anticipated the Fed will increase rates in a few increments of .25-.5% over this next year, so I don't think you'll run into much problem getting a competitive rate if you plan to refi in the near future. 

Between both cohorts I anticipate having access to about $200,000.

Then, compare that information with how you would anticipate managing the property.

Do you anticipate the various positions you would sell to give you 29% return?

With this being my first attempt and I'm sure it depends on the person, I anticipate it being a one shot opportunity to keep them interest.