@Richard Sherman I received a profit and loss statement from the previous owner’s realtor, copies of lease agreement but no contact details for tenants just the names on the lease.

He's looking to turn it into a 4br 3bath and possibly turn the basement into a livable space.He offers a promissory note for a payout of either a set interest rate or percentage of the profit, whichever is greater.

It shows he believes the property is profitable.

A contractor may do it, but expect to either pay for their time, or have them flat out say no, due to the fact you are wholesaling and won't even be purchasing the house.Also don't forget to account for all holding costs, lending costs,closing costs, etc when you tell your buyers about the "profit".

Hard money is really only best for investments where you have room to cover the expenses and still make a nice profit for yourself.

If you are aiming for profits over you agent's standard fee, then that's what will leave a bad taste.

Every market is completely unique and the prices for materials, labor, permits, etc... will vary somewhat from place to place, so you're probably not going to get a really precise answer on this one, but I'll try to point you in the right direction.The number 1 rule is spend less than what you can sell for, while still having a marketable and desirable property that will generate a profit. 

You have to explain to the architects that this project is to serve as a retirement plan for your mother in law and the main goal is it should bring profit, they may change plans and build very simple

I have a decent budget for a down payment for several units and I was thinking of starting with something like the following...Unit type: Condo (only looking at turnkeys; not going to rehab - much)Asking price: $182,000 - would offer $160,000Fair rent price: $1,600/moProperty taxes: $2203/year; $184/moHOA: $223/monthMortgage (P&I): $635/moLandlord insurance (estimated): $20/moOptional considerations:Property management: $160/mo (10% of the rent; I am not going to use property management at first; I will manage it)Vacancy: $160/mo for as long as it is vacantRepairs: $80/mo as neededI obtained the optional numbers above from here:https://www.biggerpockets.com/renewsblog/2013/01/1...This comes down to...Worst case scenario of $138/month given vacancy, property management, and repairs.Best case scenario of $538/month without any of the optional considerations - so hopefully this is the profit I would be looking at almost every month.Thoughts?

With retirement sthill in mind I figure if I can save up 2k a month I can generate enough saving twice a year for down payment on a rental property, create passive income there and once I have built a ness egg for myself then start my TSP back up but at this point I will have residual coming in and my debt to income ratio will be low.