I have borrowed from a number of friends and qualified relatives and they have always been quick and pleasant to work with.

Johnny Stacks Austin is cheaper than NYC but your friends 140k will not go very far there.

@Christian Pietrantonio A general rule of thumb is if you cannot find good deals in your own area, then try the areas/places you visit often (family or friends).

A couple of  friends of mine have airbnb's as well, and it worked out very well for them too.

I'm building my first duplex in my hometown and an old friend of mine offered to do the wiring for it.

I am currently doing this with three other friends and it works out very well.

We have an extremely tight budget as we are doing this as a favor to a friend, not as a money maker.

I have family/friends lender that is willing to pay the $40K rehab costs. 

I'd never trust the numbers of a homeowner, unless they were a licensed contractor themselves, and even then, I'd double-check and verify everything myself.Since you don't know any contractors, I'd reach out to your network (friends, family, coworkers) and ask for references.

I am in Boise, Idaho, but have some great BP friends in your area that are very in the know.