The plan: I am identifying on/off market properties that are targets, will do all of the real estate work (listing, showing, advertising, vetting, etc) and will split the cost of the purchase of the home and the material costs for any needed repairs.The contractor will be subbing out portions of the job and be on site mostly full time until the project is completed. 

You might be able to get a better yield by finding a value-add project or a BRRR type property, but the market rate stabilized is 4-6% probably.Just be careful of insurance right now, it's been going up and seems to have stabilized, but it's still all over the map depending on the specific property and who is doing the insurance.

I don't know what market your rental is in.

@Chris Elliott There are many options left in the market.

For flipping you have to be in a viable market that produces such opportunity. 

Market changes all the time. 

In the NJ market how likely is cashflow in the first two years?

- What markets make the most sense for my budget? 

Madison has a fantastic LTR and MTR market.

The walk out lower level offers an additional room with two twin beds, a game room, and another TV 50" area with a pull out sleeper sofa.