Ever city varies in price so defiantly check into cost and time on this as if you dont you could end up losing a chunk of profit.

It does turn a profit and it does cover itself, but not enough. 

I want to pay for the rehab and then I want to flip it and we will split the profit.

See: transit oriented development

I profited nicely on one, and just about broke even on the other.

I am specifically wondering if the income would be high enough to at least cover the mortgage and preferably bring in a small profit as well. 

I bought my first house (primary residence) in 2013, fixed it up while living in it for 4 years and sold it in 2017 for a decent profit. 

Keep in mind though that smaller loans are not very profitable for these banks, so you might get better terms if you sweep up several properties in to one loan or  you have a higher value.At the end of your term look to refinance again most likely.

Other then that, I would smell profit.

REI definitely is the most profitable if run like a business!