. $10 for my time, money,and effort in this deal so this was totally unexpected and to be fair I think I should get my $10 and then we should split the bonus $90 equally, does that sound fair to you? 

I'm no expert rehabber, but from my experience in repairing my own rentals, I'd be concerned with unexpected things once digging into an old house.

Use the BP calculator and include vacancy rates, costs for PM, unexpected fixes which might be costly since you would have to hire contractors, and the unexpected issues of just not being close.

@Lance Korsun As flipping is your vehicle, the biggest components that require a plan are Marketing/Networking, Financing, and Contractors.Actively networking will generate opportunities to find deals and build relationships in the industry. 

Some details:Purchase: $45,000Rehab: $40,000 (This includes 15% unexpected cost)ARV: $150,000Annual Taxes: $4,000Rehab is scheduled to be 8 weeks, which includes kitchen, bathroom, add powder room, build deck, finish basement, refinish floors, paint, landscaping and a few other items.

That's where you split up all the components of a new purchase so you can depreciate some of these faster than the overall 27.5 year timeline. 

So, that only leaves about $20,000 for profit AND expenses, which is usually too low for a flipper because you could easily eat up $10,000 on unexpected rehab costs.  

When looking at performance of an asset class through market cycles, you will want to focus on two separate components; cash flow and asset value. 

Two of the major componants of mid rest rentals or east coast are not even present.

But rentals do have their downsides - big capex, bad tenants, and local market factors can all affect returns in an unexpected way.