This is also how I would sell him on the deal.Estimated Minimum Closing Costs $5,500.00Estimated Closing Costs Based on Prop Value $5,500.00 Repairs/Construction $10,000Total Loan with Seller Concessions $100,000.00 % Down Payment 20.00%Down Payment $20,000 Remainder of closing costs $15,500.00 (this assumes you are paying for the renovations out of pocket)Total Due at Signing $35,500 Mortgage Rate 4.75%Length of Mortgage in years 30Monthly Mortgage payment $417.32 Taxes $100.00 Sewer and Water $- Trash $- Heat/Utilities $- HOA $30.00 Cap Ex and Ops $150.00 (this is your future roof replacement, hot water tanks and other major items)Insurance $250.00 Mgmt Fee $140.00 Vacancy $113.40 Total Expenses $1,200.72Total Revenue $1,400.00 Cashflow/month $199.28Cash on Cash Return 6.74%

I can also help with any construction/remodeling questions if you need as I am a general contractor as well as a licensed electrician,plumber and hvac. 

We have access to great deals and have experience in the construction field.

Regardless of getting s business degree with a real east emphasis I got back in the construction business.  

Guess maybe I should get the flipping book I see here on the marketplace because I feel like I need a general overview with a few step-by-step instructions and a list of do's and don'ts.Oh, I am financing the house and rehab and he is doing all the legwork at this point and when we sell he would get his 3% as the listing broker.All suggestions, guidance and constructive criticism is welcome :-)

I like to use Neal's Construction.  

After many years into the real estate game, cash or credit may not seem the obstacle they once were, so I have to "reach back in the files" to pull out an old memory (to quote Alan Jackson "Drive")......I recall being very thrifty and a saver in my 20's (I had an insane dollar a day budget thing I did in the early 90's on canned beans, loaf a bread and raw carrots, which I would not recommend, unless you live in a mobile home on a construction site like I did at the time)...

Regardless of my business degree with real estate emphasis I got back into construction.  

Please take it easy on me, I'm a relative newby here...I have been considering spearheading a multifamily construction project in my area for some time and need to get rolling if I'm going to actually do it.  

I am looking for a good construction lawyer to help draft a contract between me, my partner who is also the owner of the builder we are using so that it represents all of our rights in the fair way.