For what it's worth we had a good experience overall..

In some areas with low water cost the expense of splitting may not be worth it.

as a flipper, with the participation of a wholesaler and a hard money lender, what actions should I take BEFORE I close and buy a house (tell me step by step please because i dont really understand the sequence of events) and also please tell me when to do due diligence to make sure how much does it cost to renovate the house and is it worth buying this house?

Quote from @Evan Polaski: @Jamie Parker, for what it is worth, I tend to agree that you can't take the 70% rule for much of anything.  

Investment Info:Single-family residence buy & hold investment in Fort Worth.

And if they did, what's an hourly rate worth depending on their experience? 

The investor has to be gaining cash flow or equity to make it worth it.

Peter Lohmann’s newsletter is a solid source for staying on top of national trends; I’d recommend subscribing if you haven’t already.In Texas, I’ve noticed increased activity, especially in the Dallas-Fort Worth area.

(You say it’s worth about $100k more than you’re paying so figure an extra $15k.)Maybe you’d be better off partnering with the parents unless they have zero interest?

Worth it still as now I don't have gas bills to contend with for heat which I would say was around $1k a year.