Once I see the condition of the property, obviously there will be no inspection contingencies, so are you just taking a risk that after closing there is no major foundation/electrical/structural issues that would severely bring down the value of the house and significantly increase rehab costs.2) If the owner lives out of state, let's say inherited the property from parents that just passed away, how do you arrange access to the property? 

As I see it 1624 sf x $125 = $204K however when I pull comps up matching apples for apples, I see the AVR at $184k.Here’s what I see in the numbers;Flip Calculator Analysis3 Beds, 2 Baths Ranch - 1624 sf Built 1981 .37 Acres WaterfrontProfit & Projections Total Projected Pre-Tax Profit: $33,467.10 Total Personal Cash Invested $60,512.90 Holding Costs Per Month: $1,837.50 Return on Investment (ROI): 55.31% ROI (Annualized): 168.22% Profit if held for... 45 Days 90 Days 270 Days $37,912.66 $35,245.32 $24,575.97 Property InformationFinancial Information: Purchase Price: $80,000.00 Purchase Closing Costs: $6,000.00 Estimated Repair Costs: $45,000.00 Total Cost of Project: $131,000.00 Projected After Repair Value: $184,000.00 Monthly Expenses: Mortgage Payment: $800.00 Electricity: $125.00 Gas: Water/Sewer: $125.00 Sewer: $150.00 Garbage: HOA Fees: Insurance: $300.00 Property Taxes: $187.50 Other: $150.00 Total Monthly Expenses: $1,837.50 Loan Information: Total Loan Amount: $80,000.00 Loan Points and Fees (Out of Pocket): $4,400.00 Loan Interest Rate: 12.0% Total Monthly Loan Payment: $800.00 Sale Information: Sales Price after Fix Up (ARV): $184,000.00 Real Estate Agent Fees: $5,520.00 Other Closing Costs: $2,500.00 Total Days Held: 120.0 days

Its zoned b2 commercial (which I think means residential commercial, but do not fully know)  and will require a full remodel of possible plumbing, electrical, a few walls moved. 

doors - if outside doors=350 a door or inside doors=125 (or the cheapie 35) per door no labor.washer/dryer - just the electric cables 20 each no laborkitchen outlets - just GFI is 20 each. no laborpaint/knobs - 1.50 each knob. no laborfaucet - decent one 80-150. no laborplastic lining - no ideadetectors - either batteries or new detector at 10 to 49 eachgarage door - 1 hour labor cost for Atlantaoutside cleaning - 300 to 500 for cleaning.Do not misunderstand me, you can get the job done by yourself cheaper, but hiring two guys and the cost of materials is surprise.

. -  He works all through out Hudson and Nj and seems pretty knowledgeable.Maybe "denied" wasn't the correct word for this part but we had some Hi hat lightings in one of the kitchens that got denied or additional information was requested due to potential fire hazard with the electric.

Office space is another area of weakness, as there is a lot of vacant space, especially West side/ Energy Corridor. 

@Nick Vehr Do tenants cover trash, sewer, gas, and electric bills?

This is the condition of the property.1. 1 meter for both water and electric, Utility was estimated to be around 600 per month total for all 3 units.2.

My thought is I that if he helped with the down-payment or financing, I could provide the energy, knowledge, and drive to invest in a BRRR multifamily home. 

Make sure the plumbing, roof, electrical & HVAC are sound and you should be fine.