You may be pleasantly surprised at how little you really need to invest.Selling to a retail buyer on the MLS is almost always the best way to get the maximum price. 

$150,000 (asking price)Multifamily Duplex2 bed, 2 bath ea.

Its increasing in price every year (a friend that lives there said every 6 months it seems like a different place) and people that don't want to pay 1200 bucks for a 1 bed studio in Austin are moving to.

A lot of places are going for over asking price to retail homebuyers.

Then just get private lender to come in for a % of the profit either retail sell. or owner finance.

The property is a large 'Big-Box' retail warehouse that is one of the largest properties in the surrounding area. 

There is a property I think would be a good rehab candidate, but I'm wondering if anyone has partnered with a builder or contractor on something like that (this would be my first flip, and even if I gave some money up it might be worth it to have someone who really knows what they're doing on the rehab side on the team)Option 1:  I buy the house, pay the architect/builder retail, I sell the houseOption 2:  I buy the house, partner somehow, we split the profits 50/50.

I would bring a 4 bed down to a 3, but I wouldn't bring a 3 down to a 2.

I have found Premiere Property Group to be a great fit - they allow me to do my thing as long as I stay with in the Real Estate Agency rules and Steve, my husband, can run his retail real estate business seemlessly with them.  

The house is in KCK and I got the ARV by looking at comps that have sold with similar bed/bath/sq ft.