I have made a flipping spreadsheet and a multifamily spread sheet.

It's likely to spread throughout many of the states.

Based on the initial information provided, I agree with @Kristine Ann that there does not seem to be enough spread between the asking price and sales comp, considering the work that needs to be do. 

The important thing is making sure your spread between the cost of borrowing and your business return is high enough.

Work with spread sheets ? 

Tenant claims they don't know, initially a pro cleaned the carpet which actually spread the urine smell everywhere. 

So, looking at the flips I take on, with anticipated profits in the $70k+ range, the setup costs alone are eating nearly 20% of your potential profits, and that is before any real splits with your investors, leaving both your investors and you with not a lot of money left to spread around.A fund could work, but typically, for the economics of a syndication/fund structure to work, you are looking at several million of equity, leveraged up to high single millions, if not into $10+ million range for their to be enough money to make it worth everyone's efforts.

Wrap buyer gives you all the cash you invested in the property back when they buy then you make the delta on the spread.. for sure this mathematically works..

Any damages awarded will be easier to collect spread over 3 parties instead of 2.

Diversification: Diversifying your investments can help spread risk.