Not a huge profit, but the point was to recover our capital through BRRRR, not make a ton of money.

I have done it and it will be a very profitable investment compared to traditional financing since you're essentially investing minimal amounts of your own money and reaping the benefits of the built equity and appreciation (and potentially even cashflow). 

InfiniteWhatever is left after NOI and debt service is free profit

Here are the numbers that we were working with:Purchase price - $77,500Interest Rate - 5.25%Month mortgage, taxes, and insurance - $579Monthly Rent - $1,000Monthly profit - $421The house is in good condition.

Turnkey can be great when you are investing OOS and need a good start.Try looking at:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider

at this point who cares  unless you think they are competing against you and you only went into contract to try to flip the contract for a profit...

Home office deduction is only currently deductible if you are showing a net profit.

Hope 2017 was very profitable for everyone and 2018 even more so!

As an example, the first hard money flip I did, the total profit was about 18K on about $115K total investment. 

We typically give 70% to 80% of the cash flow, tax benefits, & profit to them.