Take the gross income, x .43 then subtract reported monthly bills such as car, credit cards student loans child support etc. whatever is left is what the seller, or borrower, can qualify for. in other words...have them complete a 1003 with a lender to see. 

My main support and encouragement came from my grandfather who had been encouraging me to invest since 2008.

I have told them we can support less noise in whatever way we can (door closer etc) but they need to figure out between them the noise issue.

If the comps support it, then it should work. out. 

We protect the lender by putting them on the insurance as the loss payee, and by having a solid deed of trust drawn up.I dont do 1 or 2 flips a year, we have a business to run and overhead to support and I cannot afford to split the profits 50/50 with my lender. 

Honestly our success has come from having great W2 incomes which allows us to leverage debt and living below our means on one income to have the downpayment to support the debt. 

I currently have a small piece of the RM pie with 2 properties supporting 4 rental spaces. 

I guess this case pretty much precludes two parties contracting without lawyer involvement.Seems the bottom line here is that courts decide who should win then find evidence to support that conclusion, as has been said by attorneys here and elsewhere many times.  

You're numbers are fine to support either a wholesale or flip, depending on the repair costs involved. 

Be prepared with that document AND single page supporting material - your resume, your real estate investment experience, the project financials, comps, etc etc etc ... all organized and kept in a folder UNLESS your investor requests that info.