While the numbers may look good now, two things can happen:     1) your reports will give you ammunition to get an even larger discount on the property     2) your reports will give you a better understanding on the amount of money that it'll cost to repair all the issues therefore giving you a more definitive answer on whether it is a project you want to undertake or to look for a new opportunity More information will provide you with the answers you seek!

I do know that getting into a full gut rehab on a duplex is quite an undertaking for a newbie so if you go at it alone, be very careful.Another option is to partner with an experienced flipper in that area.

New investors should not undertake the process alone and think they'll cross all the "T"s...you might get away with it or you might have a hungry attorney make your life a living Hell.  

Developing a park from scratch is not an easy undertaking even with the partial process started.  

Anyway,  to find 30 or 15 people with capital I think would be a huge undertaking and an even bigger mistake, but possible.  

Flipping isn't necessarily always the best way to get started, as successful flipping generally requires wisdom that can only come from experience, and flipping is always a high-risk undertaking on each and every deal.Also, you've been out for >5 minutes.

Experience,pure and simple.Always have a GC with you for your first dozen times you look at properties and write down everything they say about how much money per square foot it would cost to repair or replace the bones(roof,plumbing,electrical,foundation)and upgrade redecorating costs.After a while it will come naturally to you and you won't need a GC by your side every minute during evaluations.

I'm considering working with my girlfriend and our teenagers to undertake a flip or possibly longer term SFH rental for additional income.  

This would be a learning experience for me and would give me the confidence and knowledge necessary to undertake future projects by myself.

I know I could threaten to move our office, but that is a huge undertaking and fairly unrealistic in a town our size.