We have summer Fridays coming up, which gives me even more time to allocate towards this.

If it doesn't, you will need to have it inspected after closing - but by that time, you might as well have the contractor assess everything that needs to be done and re-allocate the budget if necessary.

Why not allocate 4-5 markets and start marketing to local realtors for off market fixer-uppers.

As investors we don't pick guarantees, we assign probabilities, allocate on conviction and then manage downside risk where possible. 

You could structure a joint venture agreement but make sure you lay out the following: - Purpose of the Venture- Contributions- Ownership and Profit Sharing- Decision-Making- Management- Duration and Termination- Liability and Risk Allocation

Your local REIA can often provide similar information at a fraction of the cost, allowing you to allocate your saved capital towards your first deal.

Will show you how to analyze allocation.  

I agree many/most newer investors under allocate for maintenance/cap ex.  

The net proceeds would be allocated 70/30. 

Is the $1500 income the rent or the cash flow after properly allocating for expenses?