Numerous times throughout the past few years, I've strongly considered taking the 90-hour course/exam to earn my license here in Indiana, but have heard mixed opinions from local agents on whether or not it would be feasible, beneficial, profitable, etc.I currently have a W2 job as Controller of a midsize beer wholesaler that I do not plan to leave any time soon.

.), but larger ones are probably not something I want to really get into at the moment (full kitchen remodels, full plumbing or electrical replacements, etc.).

There is about $50,000 in repairs that need to be done but he is including a $50,000 "gift certificate" to cover those repairs, which is pretty sweet.I definately know I can make a profit fromt his home when I put a buyer in it, but how can I convince him to go down below $1M?

Once you have that number then you can deduct your profit and costs to determine your offer.  

I wouldn’t sell a house that has that much equity and cash flow for potential profit from a flip.

Depending on the results, prices and profitability ratios may change slightly depending on how each house's appraisal has appreciated vs. the average.

If so, ideally you would be able to pull out all of your funds, perhaps a profit, leave 20+ % equity, and still have the deal cash flow nicely.

In Texas, it is easier to cash flow positive, so essentially if you buy a property the provides good cash flow but the price of the property stagnates over time, your still able to make a profit due to the positive cash flow.  

Income:$3,800 Gross Monthly Rent CollectedExpenses:Management $380 (10%)CapEx $228 (6%)Repairs $150 (4%)Vacancy $304 (8%)Wind/Hail $200 (5%)Property Taxes $200 (5%)P&I: $1,900 (50%)NET PROFIT = $450-500/MonthCash on Cash ROI: 8%LOAN DETAILS:Purchase Price: $350,000Downpayment: $70,000 (20%)Amortized Over: 20 YearsLoan Interest Rate: 5%Income-Expense Ratio: 1.08%Gross Rent Multiplier: 7.68

If the home is nicely remodeled and/or larger than the typical 900 sq ft 2/1 in the area, you might could get $1250, but I think you will be disappointed with vacancy and turnover at this price point.