I'm currently working full time and plugging in on education of Real Estate.

good concept Bryan, flipping vs buy and hold are keys to how wealth can be generated by using two different methods of investing aka envesting as i like to say, i'm a newbie in this industry my plan is to buy and hold rentals and later refinance the property and reap the benefits of the cash flow to purchase rehab and flip discounted properties that i find along the way, my strategy may be different than most but most of my educational coaching suggested looking at every deal as if it were flip and or rehab, i agree with Bryan, if i can get the cash flow and equity that buy and hold offers then that is the strategy that works best for me, but if i run across a flip/rehab that is worth my while then i execute accordingly but leverage is a important aspect of the buy and hold strategy will be implementing in my world.......good luck on your investing journey

I'm a newbie just trying to get educated so that I can learn my way in this business as a way to make some passive income.  

The cheap money and gurus are the greatest sign of the changing tide.

If they are not happy with that there is nothing you can do to change it, it becomes set in stone, and the easiest thing to do is get rid of them.

Continue educating yourself.  

I know each deal and situation is different, but I'm just trying to figure out a ballpark range so I don't risk offending the other person or really short changing myself.

Check out the post "The 2 year road to redemption".You are presently sitting spinning your wheels and will not accomplish anything in life if you keep changing direction. 

Also, knock down potential  - old tired rentals in the rapidly changing neighborhoods around down town areas. 

Personally, I would walk away, but he's emotionally invested, so, I'm trying to give him at least some tips, where he should ask for changes in the contract, which probably won't happen.