Most hard money lenders will require 20-25% downpayment, so as long as you're looking for properties in the sub-$500K range, you should have enough cash to get started (that said, I like to be very conservative, so perhaps stick below $400K).As for your other questions, use the search feature here on BP and/or check out the best-selling BiggerPockets flipping and estimating costs books:http://www.biggerpockets.com/flippingbookThe flipping book actually lays out Steps 1-20 to completing your first flip (20 chapters, step-by-step). 

I guess I am just more conservative.

Average-Good condition)Rehab = About 20k will meet with GC to get better estimates In to the house = 70k (not sure if this comes after total expenses or not.. sorry)Holding Cost (estimated 4 mo ) = about $4300 plus utilitiesClosing Cost = $2900Now in to the house (After 4 mo) = 77,200 plus utilitiesSelling Costcommission = $6600 (6% of 110k)(Maybe) buyers closing cost = 6,600 (6% of 110k) If I'm not missing anything and my estimates are correct I'm left with 26k minus utilities I hope this is considered conservative.

You would need to demonstrate, through detailed records, that the intention from the outset was that each party contribute 50%.  

However, to me it sounds as if your lawyer is taking a very conservative approach to this deal. 

i agreed with option 2 or 3 that is a bit more conservative. there will be economic cycles

The tough part is having a cash buyer ready to purchase from you a day or so after you buy the property.  

Sometimes parties will go for easy money and settle, other times they will attack insurance and personal assets and stop, sometimes they will go for everything possible.

The law of conservation that we learn in elementary school addresses that.

So in the transition part from fixing the past, is the hard part.  I