I teach my clients to have all the expenses on auto withdrawal  ( mortgage payments, monthly assm, if needed: tax and insurance) and have the phone number of few handymen on speed dial.

Also keep in mind I did not include any closing costs or payments and expenses you will have during the holding time while you rehab.  

All profits and expenses are then divided 50/50, so the 50% owned by you would be subject to capital gains and the other 50% owned by the retirement account would grow on a tax deferred basis. 

But are they representing the proper projected expenses to account for the property and location itself?  

Even if you can recover refinishing costs from a tenant's deposits you're shortening the life of the floor, which is expensive to replace.If you put carpet or some other flooring down they'll be preserved until you do decide to sell.

I am new to Real Estate.I am currently overwhelmed with the options available and which step I should take first.I am an entrepreneur and Accountant and all I keep thinking is "what's the problem so I can present a solution?"

The block wall is more expensive but way more durable.

Find a lender that will accept the amount of equity in the property (20% in this example) and the partner has little or no out of pocket expense.2.

You can't make an offer without knowing some key points about income and expenses but the owner may not give you leases before having it under contract.  

This is the summary of expense that the broker gave me.