@Bryce SablotnyWhy is your project cost 17k higher than your ARV?

However, if you don't know anything about construction (where I was 18 months ago before doing my first projects) then I think the book on flipping houses from BP is a good primer. 

I am hoping to find a partner that I could potentially have on my bench to do future projects with and even cut them in when possible.

How much sweat equity should I give to the contractor who helps me fix the property and manage the entire work from project management to actual labor?

Assuming permit ready doesn't mean approved, you'd need to look at that timeline and then construction time line.... big projects take time to come on line.

Plans are to immediately sell after completion of construction and potential use revenue to start an even larger project. 

On the other hand, it will be in your best bet to find establish couple local construction companies and have them bid on the project.

If you're flipping on the other hand, look at ROI using the ratio of cost and the corresponding increase in projected sale proceeds.

I doubt if a realistic expenses projection will come in as low as 20% rent. 

Thus we are now suggesting to owner that he sell to an investor and contractor that could purchase "as is" and complete the project for the comparable $50,000 market value in the area, the owner has refused to sale and is holding us to our lease.