The answer to the latter question will depend on the risk/reward scenario of the specific transaction.

And yes, these are my first rentals so I am trying to wrap my head around the pluses and minuses, risks vs rewards, etc.I truly appreciate your offer to help. 11 in a month?

Based on the numbers you put up it was going to be a high risk/low reward even if the repairs were $20k: $15k holding/closing+$20k rehab + $125k = $165k - $180k = $15k max profit.

If this is a partner that you want to grow with then I'm lean more toward being more generous and treat this partner as an equal equity holder so that this person is rewarded well and will likely be there again to fund future deals.  

So far I have used Rent to Rewards for two purchases and have been happy.

Ed,For investing in MF, some popular read all available on Amazon:Steve Berges - Complete Guide to Buying and Selling Apartments.Dave Lindahl - MF MillionsPaul Moore - The Perfect Investment - My friend Paul, former Ford engineer, entrepreneur and now MF syndicator has done some interesting research on why MF is a great investment (focusing on trends, risk vs reward, etc).  

 I have newbee investors on TX who are considering a double closing.  What are the risks and negatives  with this type of closing?

works at our Church and obviously doesn't get paid much, but the work is rewarding and satisfying!  

Ridiculous that guys like this are actually rewarded for bad behavior.

For such a little xtra reward?