If you choose to grow in the future and do not have the money you can then partner with others that do have money or the ability to get a mortgage.This guy brings nothing to the table except his contracting skills which would be far better suited to a 50/50 flip partnership not a rental.

It was a typical seminar, telling us how we can make money in real estate, giving little tidbits of advice, but to get the real stuff you had to sign up and pay  I think 300 for a three day seminar later in the month about an hour away.From what I recall there was information about investing in the stock market, again giving bits of information on the subject.I also remember we did get a free lunch, I did meet a few folks from my area and got some business cards.I did not buy any products that were advertised, but there were a few going back to the tables to sign up.

You add your appreciation from the final sales price and cash flow on a T-table and calculate the internal rate of return (IRR).Most appreciation is market driven.

No excuse as that's just free money you're leaving on the table.

When/if you sell, as long as you qualify on both fronts, you will be able to take a portion of the profit tax free and use the remaining in a 1031 to purchase more investment real estate.Your accountant will have set up a depreciation table on the investment portion and have allocated the % of the whole that is used as investment.  

Where it's such a short time frame, I'd say take the money off the table and get going on that 203k rehab, which will probably accelerate your equity much faster than $140/month.$140/month * 12 months / $30,000 equity = 5.6% return on equity per year before depreciation, loan pay down, and an interest deduction.

What does he bring to the table? 

Charleston has a high water table and a lot of sandy soil. 

You have the possibility of unfinished basements that can be finished adding bathrooms and bedrooms to increase value, but anything exterior like you said wouldn't typically be on the table.

Leave your offer on the table.