No simple lazy-hacks to say it's worth-it because it's "cheap" vs previous price.

The home appraised for 1.2M, the deal is anything the home sales for over 1M after the fix up he will split with me minus my costs. he will hold the home while I do the renovations, no home purchase necessary.My question is how do I find the ARV on a high end home so I know if this is worth pursuing? 

"I'm going to put $30K into rehabbing it and it will be worth $200K when I'm done and rent for $300/mo more than it does now."

Something like that looks like it would be something worth looking into. 

Rates are a bit higher but if you can leverage up to do more than 1 flip at a time, it will be worth paying the lender fees.

However, once you have a relationship built up and solid track record with your private lenders, you should be able to also do 2nd (and even 3rd position).

The amount of equity I call pull is less than the cash I have but not significantly less.When doing this analysis it struck me that it may not be worth using a HELOC for the simple fact that the interest rate is ~9%* while the funds in my high yield account are only yielding ~5%*.

I will say though if this is your only option and you're confident in finding a deal below market value, then it might be worth it.  

What will the unit/units rent for and what do you think the property will be worth in 2 years?

First Solar has been developing most of the projects there, about 500MW, worth over $500M, so far with more coming on line soon.