I think 40% is acceptable, if you're concerned, you can always ask to pay for materials instead. 

You rehab a property with a (hopefully) honest contractor from OOS who will make a considerable markup.The TK uses their own crews and doesn't waste any materials...leftover paint, carpet, etc is going to the next job.Who's getting the better price?

The value that I bring is that I am a real estate agent so from the sales perspective I know what buyers are looking for in a newly renovated home and can tell you what materials and paint colors to stay away from.

Check out the blogs, podcast and all the other wonderful education materials.  

Also, as I am STILL very new to this, any recommended learning material such as good articles, books, etc. pertaining to my situation would be appreciated immensely.

Any resources that you think are particularly helpful in the skills-gaining department (besides the materials available on BP)?

Should you rehab a property to be tenant proof (lower quality materials) ORRehab a property for the highest possible appraisal (higher quality materials)?

@Forrest Williams depending on how custom your flip is I think you will be fine.Most of the materials purchased for a basic rehab are all bought at Home Depot in my company.

If you are unable to find a strong team, go to another location.You and your team evaluate individual properties based on: price, rent, time to rent, rehab cost and risk, average tenant stay, probable maintenance cost, etc.SummaryI covered a lot of material in this post.

An example would be someone coming back from a credit for an boiler replacement when they saw it during theIr tour, the age of the boiler was disclosed in the marketing materials, and there are no current issues with it.