We expected to gross $2100 after repairs and budgeted around $20k for the repairs.

@Diane G. normally it's just shown as a general expense within the HOA yearly budget.

@Alex Grullon your budget isn’t nearly high enough to find 10-15 unit sized properties in Austin or the Cedar Park suburb.

Truck interest rates are 3% and home equity are at 3.25. 

What is the budget of the project? 

I have saved up around $100k and I am interested in investing in  multi-family real estate in LA ,but the housing price is very high and out of budget as you can’t find a decent property for less than $1M. 

Baby flippers think contractors are desperate for jobs and treat them like handymen (not that I think handymen are low value, they are also so important) and always say I am going to do so many jobs with you, can you just give me an estimate only to find out the baby flipper has a 10k reno budget and this is a 75k reno and then they think the contractor is trying to juice them because they only think cosmetic and don't understand plumbing, electric, foundation, etc.

HI @CT Nguyen, I think you're spot on with the idea of splitting the cashflow 50/50, and here's how I would specifically define that for the sake of your partnership (and what I follow with mine)Cashflow = Gross Rents Received - tax proration - insurance - P&I payments - Repairs budget - CapEx budget (if separate). 

These quotes do not include drywall, flooring, painting.Assessment: Our budget will be shot to pieces with these costs.

Use a bridge loan with a lender funded rehab budget.