Assuming he plans to flip the property after a 6 month rehab I anticipate he will make approx $50,000 - 75,000+ after selling/closing fees.  

In just over a year I earned $103k by getting creative with what would typically be a standard flip or wholesale deal.

BetseyWe have listed our properties on Google Business .Since doing that, we are running about 50/50 of people coming directly to our web site and going through HomeAway ,VRBO or Trip Advisor or Flip KeyOur Season is almost 85% word of mouth. which really helps cut down booking fees.We have seen and been told that during season once guest find a place they book for the following year because if they don't they won't be able to get in.We have been doing this going on 3 seasons now, when we bought the place we inherited a couple of guest that have been staying on the property.

My wife and I flipped our primary residence to get rolling back in 2015, and that is how we got the equity to buy our 9 unit in Berwyn.

I am about to start a flip in Rockford and am having trouble locating a good roofing contractor. 

It was a flip, and my first investment in NY, however I have done flips in CT prior.

@Tulan Kantesaria, @Matt Motil, is right if you were in flipping business.S-Corp will do no better for tax saving compared  to LLC.  

Come December or the beginning of 2019 I would love the opportunity to volunteer some of my time to help anyone in search of an extra hand with flips or property management tasks.

The analysis may change depending on if you are flipping, wholesaling, buying-and-holding, etc. and also whether you plan to use financing or not.You'll also want to start thinking about such things as can you transfer your ownership share - what if one partner has children he wants to leave it to? 

Is this your first flip?