Just do some good vetting and it should work out. 

Corporations have Articles of Incorporation.In your situation where you have other assets to protect and have to work out your operating arrangement, it certainly makes sense to have a legal entity. 

Your numbers work out to a final Cap Rate of 5.8%.

I'm doing Apartments and Lease Options and it seemed to work out for me.  

I live in an expensive market but the numbers work out if I can get it at a discount.

Since investors evaluate many projects which don’t work out for the contractor, the contractors usually become very reluctant to serve as your budgeting agent.I recommend finding one contractor you trust well and keep working with him/her.  

That way neither can walk away and they have to work out the issues themselves.

Doug, Rules of thumb (you will need to work out the math project to project):  1.

Hi how did this work out for you?

@Josh HansonI'll be curious to know what you decide and how the BRRRR deals work out for you, so I hope you update this thread from time to time with your decisions.