Plus, I only listed the most salient aspects of my flip; explaining every detail of my day-to-day experiences would require much more than what I could write in a discussion thread, so be prepared!

He also added in a new HVAC system and roof so there are no major structural issues.

New roof, windows, flooring, some cabinets, exterior siding, gutters etc, new brushed nickel light fixtures, hardware, fans, new appliances, new concrete patio in back etc.After all this rehab, I will be right at 70% ltv so I think I did good.  

Most people can't do all of these things well right off the bat.If you can become an expert in one helpful area and then partner with an existing operator you will benefit twice - once from your deep knowledge of a certain aspect of the business, and again from working with an operator who as already made the rookie mistakes.  

In my area I generally end up at 45%, but I usually estimate at 52% when I am doing a quick analysis.Other individual items to consider is lawn, pest, CAPEX (Capital items like roof, AC etc) maintenance.  

I need things like the best way to manage my banking, legal aspects of partnerships and the management of these entities.  

That is one of the most frustrating aspects of dealing with REO's...the ineptness of the senior lien holder.

The roof is 3 years old and the siding is in very good shape. 

Building is 60 years old but in decent shape, roof to be replaced in 5 or so years.Each unit is two bedroom at $550 rent/mo - fully rented, separately metered. 

I bought a new roof and new flooring in 2012 for my rental in Houston and have been depreciating it every year.