The situation also included no evidence or written agreement, etc. 

I am no expert but it looked very solid to me (though no idea if it meets code).

This will help you build a solid foundation.Always remember, this is a business. 

It is really more important to have solid back up files, correctly calculate your basis and not double count opex and capital costs than stress over what line you are putting various expenses into. 

.$25k in materials and laborMonthly holding costs: $557(int payments, taxes, utilities, insurance)House info as purchased:House built in 1971 - Solid B neighborhood - Great Schools2081 sq ft4 Bed, 2.5 BathNew RoofNew WindowsNew HVACVinyl SidingWork to be performed:New cabinets and counter topsLaminate downstairs and carpet upstairsNew vanitiesNew light and plumbing fixtures(tubs staying)New water heater Paneling removed from den and replaced with sheetrockWindow removed from eat in kitchen and replaced with slider to access the back yardSmall deck built off of sliderAnd obviously paint throughout.We will probably price it under market value and hope to sell it quickly(30-60 days) at $125k which would give us a profit(after commissions, closing costs, and carrying costs) of $22k-$23k.  

I think that it's much more beneficial to have a solid relationship with a good local banker.

I'm mostly looking for a good solid lease that I can use.  

The city of Muskegon is pretty solid.

But it will probably be a solid money maker at $120k.

The key here (no pun intended) was that not only was I able to get a real solid number on what it was going to take to rehab this house and get a solid ARV number, I was able to shop it to my end buyers - my rehabbers!