The information provided is based on my experience and industry knowledge but should not be considered legal, tax, or financial advice.

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

With you guys having a strong financial base you have plenty of options, you guys just need to pick ONE then go for it. 

Based on my analysis, the ARV looks to be in the $720-740K range, and after running the numbers, I anticipate a profit of about $40K including all the junk fees and agent fees.A couple of things I’d love your input on:Do you think it’s worth getting another quote from a different GC?

Based on your post and other comments, it sounds like your rehab is extensive enough that the property isn't habitable.

Lenders can have different loan options based on the property type and the amount of rehab (if any) required for the project. 

If you get 100% of the purchase price covered then you should have sufficient funds for the closing costs based on what you're saying. 

Most lending is based on cashflow, not the 2% rule (although still a good rule of thumb for some types of investments), might have the most help from the group if you provided some of those details here just so it'd be easier for us to help you best. 

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base.