I thought it would be a great idea, since I am receiving help from my parents by living with them.

Just seeing to see who would be interested in exchanging ideas.

I have had a contractor take a look so I have a good idea of what I'm getting into just need to put in an offer. 

You can do a google search for a 1031 tax calculator to get a ballpark idea (you will need a few data entry points (sale price, depreciation taken, balance on the loan, 1031 fees, etc.) 

Some of this is common for new construction.As far as repair, does anyone have ideas?  

I mean I have 10 million plus of those but that's inventory and I have a bunch of equity and well I never hold anything .. also coming into a little slower market I just wont get over my ski stips I might build 10 homes on spec in the 400 to 700 range but that's it.. if they don't sell I rent them and suffer a little negative to ride out the market and don't sell if prices are not in our favor.. so to use Thomas leverage ideas I do that a lot.. but just not on long term contingent debt..

I think each one should have their own LLC partnering into an LLC for these type of endeavors.You need to read these threads:https://www.biggerpockets.com/renewsblog/effectively-conduct-joint-venture-agreements-as-a-real-estate-investor/https://www.biggerpockets.com/forums/48/topics/596231-how-do-i-properly-construct-a-purchase-with-a-partnershiphttps://www.biggerpockets.com/forums/51/topics/591376-create-an-llc-for-first-partnership-best-way-to-do-sohttps://www.biggerpockets.com/forums/51/topics/526244-taking-on-partner-s-and-limiting-our-liabilites- one base idea of asset protection (and LLC) is to separate your personal affairs from the real estate investing.

A statement like his would be a huge red flag that a) he's a crook b) he has no idea what he's talking about c) he's lazy and doesn't check comps.

I’m writing this because I need some strategies and ideas on organizing and jeeping track of expenses, numbers and fees.

Understanding your end goal and building a plan to achieving it is far more important than the idea or thought of just buying one property.