Thank you for your reply Account Closed I originally wanted to just do his marketing, but he stated that he would prefer for me to become a contractor that way I can help him w the insurance and paperwork aspect (I guess to simplify things for him) and to be able to grow and not just depend on him for a jobs.Thank you for your advise, I haven’t found anything stating that I need to be licensed here in Texas 😃

Haven't really considered the capital gain aspect.

Do you know the age of the water heater, HVAC, or roof?

But it seemed too goo to be true - cosmetic changes and roof replacement.

New roof, electrical, AC, windows, plumbing, added a 2nd shower,12x20 deck off the back door, all new interior/exterior doors, tile in bathroom floors and LVT the rest of the house.

Roof needs to be done (possibly) as well as siding (checking to see if this property is considered a historic building - which could increase cost of exterior repairs). 

Also, I didn't ask about the roof, electrical, etc.

I would imagine exterior work like landscaping, siding, roofing, etc would be impacted a good bit.

You may also want to account for some expense for reserves (3-5%) as most folks start saving some so when the roof, boiler/heater goes and you need to replace it there are funds to help pay for it.

Excavation, foundation, framing, exteriors, floors, kitchens/baths, drywall, roofing, trim outs.....I tend to be the one doing all of it.