@Scott Carrillo It sounds like you just need to find an investor friendly realtor that can handle the same aspects for way less. 

You could say I'm an idealist at heart, but I don't let my idealism carry me away from the practical aspects of investing.  

And if it doesn't fit find a different aspect you didn't know and try that.

The great aspect for me is that there would be no land cost basis and I would get the experience managing the flip (I have never done a flip yet).I believe there is definitely potential in this deal but the issue is that I do not own the lot. 1) Is there a way for me to get financing on such a deal (hard cost around 500 k) say if I had a JV agreement with him but did not own the lot? 

One aspect that most people do not consider, is the increased water and sewer usage bills due to the laundry.

I wanted to cover a couple aspects and see if anyone can help tie up loose ends.

At Skandia Construction LLC, we will create a project plan at our first meeting that details every cost aspect of the project.

I do not charge the flipper a free because we have a handshake agreement that they will list the flipped property with me.In all aspects, I disclose the commission to both sides and make it clear on the second point that I will end up earning two commissions, but I will show them how I earn it by bringing the deal together and then marketing the high-end flipped property to the max.I hope this helps.

Second there are many different ways to get into real estate investing whether it be single family residences, buy and flip homes, buy and hold as rentals, invest in apartments as a passive investor or by being active lead sponsor which you mentioned you’d want to be active I’m focused on the apartment arena so I can give you my two cents on apartment syndication from a passive aspect and more active approach.

He can evaluate the general and particular state of every aspect of the house, and give you an estimate.