After the rehab is finished I have an appraiser come through to determine the new value of the house.

I don't know what finish is best (most durable):  painted or stained. 

I just finished rehabbing a small house in Columbus, Ohio. 

They would have large developments underway that they had put all their cash in and would need more cash from other investors to finish the development but since the economy had crashed nobody wanted to invest, and their development became worth pennies on what they had put into it because it wasn't finished.

I have been working in property management for the past few years as well as finishing up classes to obtain my CA real estate license.

My bet is that the water lines can be fixed conventionally after using American Leak Detection's survey of the leaks -- we rarely replace entire water lines.As for the numbers, you have to buy this based on not greater than 1/2 of the value of the park when finished, less all cap-x to inject into it.

Kinda debating on building the fence myself but I am too exhausted from just finishing my first full rehab in third ward houston 

Oh one thing to consider right now with he locks and other lines of credit maybe harder to attain as an investor.

If so, there are ways to get the court to release the home or at least tie it up until the probate is finished.

Correction $145,000 (not $135k) initial investment between 5 people.  2.5 years later we are finishing a cash our refi.