I did know him for 6 months, talked to a number of his previous partners, but my gut told me that our values were not in line. 

Not gutted but in bad shape $15x700=$10,500 for repairsSo what would both my contract to the seller and exit to the buyer price?

@Paul Sicotte  My gut wants to say absolutely not because you have access to so much information here through bigger pockets and podcasts.  

Just as a gut feeling, does this sound reasonable.

Purchase price: $420,000 Sale price: $420,000 Fully gutted multifamily house with 3 floors approximately 9 bedrooms needs finishing touch interior and exterior.

Trust your gut.

Anything around Lake Merritt will likely be extremely competitive unless it is a complete gut job.

The house needs a complete bathroom and kitchen remodel (already gutted)Flooring through outPaint through outTrim through outsome soffit and exterior trim replacedfront and rear porch/deckwindows through outExterior doors.A good power washing (may be difficult with our cold temps).Deal number 2On a side note I am trying to work with foreclosures, and distressed houses.

Most 2 units range from 550-625 and 3 units from 600-725.In my first deal I am not really trying to buy a total gut job .

Then we totally gutted it and converted it to a two-flat, relying on our credit cards to finance the renovation.