I'm just curious about how to make this project work for me and my family. 

After finding out what it was the borrower/seller really wanted, I simply would give them cash for their equity and take over the house and the project.

If the projects goes south, I take possession of the property or get paid first if they sell it out right. 

I use spreadsheets to setup my initial budget developed during the purchase process and compare to actual cost to see how well I did and where I missed something and learn for next time.If you’re like me, and like to buy some items in bulk when you find a good deal, you can track your inventory as well and assign items to each project as you go.

Remember, a refinance involves more finance costs as well.On cash flow projections, the CapEx and expenditures are low.

Big project with 5-year-plus horizon for return of capital. 

I've sold several of mine as I was looking to roll into larger projects or multis. 

Or do you just hire subs for different aspects of the projects

That's not a great deal but when I refied into that deal I pulled out like $100k in cash with -$200 projected monthly cash flow. 

Depending how much you're outsourcing for the rehab, the speed of project may vary. 120 days is a good target but if you can get it sold in 90 days from the purchase closing date, that's solid.