Not all sq ft in a house costs the same.Go to your local building supplier, go up and down the isles, and get actual prices for material for kitchens, cabinets and countertops, floors, paint, basic lumber and trims, plumbing fixtures, electrical fixtures. etc...You usually can get estimates on labor from that same source. 

As an agent, wholesalers can be a great source of properties for clients or for yourself. 

I would function as the manager of the fund and would source the deals, project manage the rehab, and manage the rentals.

Stick to your process and verify all sources.

That way she could show monthly payments from those sources. 

Do you have a source for these claims?

The only source of knowledge is experience.

- ‘lifestyle’ business – ie simply intended to be run by and to provide an ongoing source of work and income for the proprietors, no clear vision for the long term future?

And you don’t mention whether the fuel source is electric or gas or oil.And all of the above assumed a central heating system; it’s quite possible you have electric baseboards that could lead to other questions ...

Aren't you still fully leveraged, just borrowing from a different source?