Is there anyone that would be willing to look at this property and tell me if it is worth the price and also to give me a rough estimate on what to expect the costs to be?

@Michael Beninati, the difference in your logic is restaurants typically cost $500k and up to get running.  

I have been in talks with a GC in Georgia and his method of building is: He builds everything at costs and doesn't include any markup or fees, he oversees everything, I only supply funding, and we split 50/50 the profits after paying back the bank and all other associated fees.Since I am only supplying the funding for the deal, is there a way I can structure doing this so that this is considered passive income for myself since I won't be involved with the construction or overseeing the project?

I own real estate outside of CA, both in the country and internationally but have chosen to rent in Hermosa Beach due to the high cost to buy a home in coastal southern California.The apartment complex I live in was bought April 1st by an private equity company who gave all the residents a 60 day notice to vacate so they could due a total rehab.   

If the roof needs to be replaced, do you both pay 50% of the cost?

It typically has lower acquisition costs than Duval or Clay County, but rents are almost on par.

In other words, if going up to 80% vs 75% cost 2% additional points up front and half a point in interest rate higher is that extra leverage worth it? 

If we crush the rehab I think we can even push closer to 200Cash-Out Refi Amount: $131k (75% LTV of the conservative 175k figure) Profit if done as a flip: 60k. (175k - 115k purchase price & rehab)Cash Invested: 18k (This accounts for $7,500 for down payment to lender, $2,000 in EMD to seller, lender fees, inspection, insurance, title, projected 3 months holding costs at $1000 per month)----------------------------------------------------------------------------If I do it as a flip, from what I understand, I'll be hit with a ridiculous tax bill (24% short term capital gains + 15% self-employment tax), leaving me with roughly $36k after-tax profit. 36 - my 18 invested leaves me with 18k increase to my net worth.

A planimetric & limited topographic survey will add $2500-$3000 to your project -- it's a cost we actually front for our clients (but they are on the hook for if they end up not building the project).

For instance, is it common to state to pay a flat fee of only up to $x amount in the event the seller does not cover the cost?