Do your homework on the tax advantages that he will observe by not taking a lump sum so that you can help convince him. 

Numbers look pretty good to me.Here are a number of observations/questions.First, most of your estimates look pretty reasonable to me.

@David Krulac From my own observation, it has been more difficult to find flips in the past year or so.This is why investors need to have more than one arrow in their quiver, and be ready to change strategies as markets change.  

I was recently able to observe a flipping transaction from walkthrough to contract which gave me incredible access into the world of flipping properties.

Just observations about a possible elephant that it might be worth not ignoring.

I would make a couple observations.

I would definitely want to learn the process hands on by asking questions and observing, since this would be my first flip, but what else needs to be done when at an active rehab site? 

It's just a different animal and from my observation these lenders tend to push much more to have a larger percentage of your portfolio with them vs residential Fannie Mae/Freddie Mac residential lending guidelines.However, to be totally honest, this is a rare scenario where the above is the constraining factor to you growing and taking on these assets/projects. 

Just my observation.  

From experience and observation it is apparent that partnerships in long term investing are very difficult to maintain.