When you leverage other people's money, the sky's the limit and your concerns of being stuck will be no more...

If you want to ensure a fair profit and no more, then bid the work to 3 or 4 contractors.  

After that, no $ no more work and I'll see you in court.

Yes, we have been on a long bull run since recovering from the financial crisis, but that doesn't mean that multifamily has no more room to grow.

The choice is between:A - Making a one time profit, in 2 months, of about $50k, or...B - assuming no more than $400/month in Cash flow, getting about $5k/year in cash flow...which means his option will take you 10 years of perfect cash flow to equal the immediate profit of flipping this....and, think of what you can do with $50k in profit (and the cash you recovered...your initial costs). 

And third, if any of your contractors are not performing to satisfaction, it can be very difficult to get rid of them (especially if it's the GC who is not performing).Giving a GC a percentage of the profits makes no more sense to me than giving your real estate agent, your mortgage broker, your inspector or your appraiser a percentage of the profits -- if you can't afford their services without giving away a percentage, then you may do it out of desperation, but that doesn't make it an ideal business decision.Just my $.02...

Personally, creating a revocable trust is no more difficult than creating an LLC or corp.

I would rather invest in real estate buy getting some leverage and purchase something no more than 100k and using your funds for a down payment (less than 20% if possible), perhaps buy your first home with an FHA loan (3.5% down), renovate it, and then after you're done move on to another place a year or two later.

Drop the rent $200 if you like, but no more then that.

No more than $1,000[I need to know where there money is coming from because banks want the funds for the deal to be the buyer’s own money.