The cap rate is right around 8% (with very conservative estimates for expenses), Actual should be even higher.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

I am but the "money man" - earning a fixed return plus bonus points; my flipper (who is also a broker associate) gets to keep the majority spoils, but also assumes the risk of mis-estimating repair costs, time-to-fix, days on market, and everything which cuts into his eventual profits (without affecting mine).  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookGood read The Real Estate Agent’s Ultimate Guide to Working with Investorshttp://www.biggerpockets.com/renewsblog/2013/08/24/real-estate-agents-working-with-investors/Download BP’s newest book here some good due diligence in Chapter 10.

Next read J Scott's books on estimating rehabs.

Looking to do first re-hab/flip deal and looking for GC referrals that do high quality work and can respond/provide estimates quickly as deals often get bought up quickly.Thanks

My estimated ARV would have been 100k to 115k.    

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

One of which is a 4 unit.Now, this guy sent me a table with the information about the properties and two rows of the table gave Zillow rent and zillow estimate (for the current sale price of the property).I've already checked all of the local assessment data on the property and all of the estimates are almost double what he has paid for it.

Figure out a rehab cost estimate for the buyer and what specifically will need to be rehabbed and include that in your write up.