Given the market conditions and your hard money loan, it might be wise to first calculate your monthly holding costs, including loan payments, taxes, and maintenance.

This is combines the flipping route and the rental route.

Maybe $100 but thats not including saving any money towards unexpected expenses...

It should include details like the purchase price, property description, and terms of sale.

Tell the possible contenders you are interested in how they format their statements and what information they include.

Consult with an attorney to provide a purchase and sale agreement in your respective state with an assignment exhibit included. 

Correct2. 100 hours could work if it's more than anyone else spent on the property including non-owners3.

However, Montgomery County as of yet has not updated their forms or website, included the landlord/tenant handbook and they are still not enforcing.

Roll them all up and the averages are:purchase $154krenovate $47Ksell $232kThese are gross numbers, not including closing costs, borrowing costs, holding costs, licensing and permit costs, G&A, overhead, commissions, forward rate buy-downs, and lease-up fees, to name a few of the many expenses incurred. 

Your friend should include as many details as possible concerning how they were pitched the investment in the prom note.