House will rent for 1200 and the apartment for 650The house needs about 20,000 in work, and the apartment is rent ready besides a new water heater and baseboard heaters.

You have the absolute right idea by being willing to bring your skills and talents to the table to benefit someone more experienced than you in exchange for the opportunity to learn.

Here's a list of what's included with this home:New drywall & insulationAsbestos abatementNew copper plumbingNew air conditioning, and FurnaceNew recessed lighting throughout New bathrooms (two bathrooms)New kitchen cabinetsTankless water heaterNew garage door New roofHard-wood flooring ceramic tileNew granite kitchen cabinetsUpdated Fireplace in the living roomNew interior and exterior paintI'm no expert but this seems extremely high.

Electrical needs complete replacement (wiring, electrical box) but the house has newer roof and appliances (heating and water heater are recent), and the plumbing looks recent, which is all surprising given the state of the rest of the house...It's basically a roof and a brick frame with appliances.

I'm going down the path of multi-family buy and hold RE  and might dip my feet into the house flipping  waters.

I’ve found this especially true in water pipe freezing states. 

Many times I have politely got up from the table and wished the sellers well and started to leave before they called me back to the table with an agreement to change the price.  

First, let me say thank you for posting your story and laying it all out on the table, The Good, The bad and The ugly.And I agree that there is no get rich quick method to real estate.

Deeded water access in a popular vacation rental area.

Almost a month later, they sent us a denial letter in the mail stating that our interest rate was too low to qualify for a Loan Modification and wouldnt end up lowering our payments, and also stating that a repayment plan was off the table because we didnt have enough surplus to make the higher payments.