Hi @Melissa Man,What are the details of the property? 

This way I am more prepared for the next time an opportunity like this comes up.So here are the details of the deal:3 bedroom, 1 bathroom single family propertyListing requested an all-cash offerThe numbers looked like this:Listed on the MLS for $80,000Needed about $20,000 to bring it up to meet or exceed the quality of similar houses in the areaEstimated After Repair Value (I think abbreviated ARV) was around $141,000Similar rents range from $1,100 to $1,300Initially looking at this, my thinking was that the $80,000 purchase price plus $20,000 rehab bill puts me at 70% of the ARV, and my understanding is 75% or under is the target for BRRRR. 

I monitor the Houston forum, so I have read many of your posts - The primary theme I see in your posts is that you generously offer your time and expertise to new investors and allow a group of new or wannabe investors the opportunity to walk your flips and tag along with you while you are looking for or working on a project - very generous of you - I see that you were able to give an amazing opportunity to a new investor when she may have not had the confidence to move forward on her own without your guidance - I am a fan of collaborating with other investors when you do not have the funds to complete a project on your own ... it can be a win/win opportunity that otherwise would have to be passed up ......However, when I read the details in this post, a few things come to mind - it seems that you used very little of your own money ...$5,000?

You'll be paying at least 5-6% not the 2.5% you have on your sheet (unless you are an agent also and will only have to pay the buyers agent)Again...bottom line not enough details here...you chould make $35k or you could lose $15k with these number.

Brandon and David do a great job digging into the details!

Real estate, like any investment, carries risk,  but at the end of the day these risks are just a line item, with various degrees of success based on the due diligence you put into each one.     

Keep in mind tax aspect may be different from a legal one, so you may want to consult with both: an attorney and a tax accountant.Disclaimer: I am neither tax or legal professional so this is based solely on my experience.If you would like more details about my personal experience feel free to PM me.Best!

I have used Cozy.co for a few applicants and have had some detailed results.

I don't have a tremendous amount to add to the discussion thus far, but appreciate the detailed responses of everyone so far.

The item that I'd want to make you aware of is... once you are licensed in VA - you'll need to find someone in VA that will allow you to hang your license with them so that you can be on active status (which is a requirement by NC Real Estate Commission) despite not practicing real estate in VA.