@Billy MehlingerHello Bigger Pockets newest member! I

Your partner is the one who went into contract for more than the property can be re-sold for.

Hanging on not only ties up capital that can be re-applied to other projects, it just delays the pain.

After that, it's stale and shouldn't be relied upon.

There's a lot that could go wrong as is, and while I'll still be relying on the experts for their opinions/advice, at least I could pick up some things by going through the process IRL once and getting a feel for how stuff works.

Welcome to BP Garrett (& Partner),  I myself am a new BP member.  I

Always, for some reason after a couple weeks something always goes wrong and something needs to be re-wired or a wall needs demo b/c of an old pipe that has a slow leak when you turned the water on.

Also, the inspector recommended that an existing beam above the driveway be re-enforced. 

I'd have to look further into the materials used in '48 for plumbing and I would assume the electrical would need to be re-wired.  

None of the computer generated values (Zillow, Redfin, Realist, Etc) are very accurate and can be relied upon to spend your hard earned money or for marketing to investors.