There's a few on the go at the moment. 

I feel like I am way out of my comfort zone and this is my first go at an investment property so I am thinking I would have felt this way no matter what the situation was on my first "deal".

The white elephant- the rare solution to this, where you don't lose sleep and get a great return like you are seeking, is when you "luck" into a situation where you make a once in a life time purchase with a crazy low price, because a seller is desperate, stupid or both, and lets a property go at 1/3 of its value.

Flipped homes often go at listing price or higher. 

Im trying to decide if I should go at it on my own or invest with GC.

Everyday, I try and make a go at it.

Plus though the house is currently inhabited, it's in rough shape.One option, @Randy Johnston, is to do what you've done with empty lots, which is to get it all permitted for an industrial use and then sell it to a developer so they can be ready to go at the time of sale.  

If the owner only has $160k left on the property, he should be more than willing to let it go at that, if he was truly motivated, however, it still isn't a good deal at $160k.

Which means you will be giving up lots of dough to go at that time.  

There is so much to learn, so why go at it alone?