Yes, the numbers are tight but are ok for me since I am self-managing and know the area really well.

@Erez FriedlanderThere are some unique tax aspects when it comes to real estate, partnerships and foreign investors(assuming you are non-resident Aliens for US tax purposes).There are FIRPTA concerns when and if the property is sold.There are withholding concerns if the partnership operates at positive income on an annual basis.However, the general mechanics are the same when it comes to partnership tax return deadlines.

Seller is asking for $50K, but there is no way it would work at that $ in my rookie opinion, so I would be offering $40k.ARV: $119KPURCHASE PRICE: $40kREHAB COST: 46KTAXES: 3K ANNUALHOLDING COSTS: $5200 (included: inspection - $500, septic inspection - $750, taxes for 5 months for seasoning - $1250, INSURANCE $300, UTILITIES $1,000, ATTORNY/ CLOSING FEE - $1400)REFI COSTS70 % ARV 83,3000 REFI AMOUNTCLOSING COSTS $4,000REHAB TIMEFRAME: 8 WEEKSSEASONING PERIOD 5 MONTHSRENT: $1,200MONTHLY EXPENSES: $1,007 (TAXES: $250, VACANCY: $60, CAPEX: $120, P&I: $442, REPAIRS: $60, INSURANCE: $75)REFI INTEREST RATE 4.5%TOTAL CASH INVESTED: $11,900This is my first real opportunity, but the numbers seem very tight and  wanted to see others opinions.

You just have to make sure you meet the 180 day deadline. 

If money is tight, consider renting a room of the home.2.

If a buyer passes all the contractual  deadlines, & then backs out, they will most certainly lose their earnest money and they could be sued for specific performance by the seller.

And if you want to implement a penalty clause, then you'll need to have a bonus for completion before a deadline. 

Each property takes no more than a few minutes to auction at the courthouse whereas I've seen properties at auction.com go 2 hours over the deadline at $100 increments every 2 minutes.

Fitting a 2 bed, 2 bath plus kitchen and living area in 700 sq ft is going to be tight.  

My understanding is CalExit has made inventory extra tight in the region - WA/North Idaho area.