-Get a thorough inspection -Keep to a strict budget-Do most the work yourself (I went through a four year Carpenter Apprenticeship program but you may already posses the skills if you've been helping your Dad for a while)Good luck to you.There's nothing like cashing that first big fat check after a successful flip!

The ones I talked to you have to manage hundreds of units and undergo heavy scrutiny by the real estate commission with record keeping to eek out a decent profit.Many of these agencies do it because THEY HAVE TO and not because they want to do it.

However, the area in undergoing radical changes.

These sound like retail, "I'm gonna get fat if you pay me these prices" pricing.

He never specified if he's buying these deals himself with his own cash and then reselling or flipping contracts. .He said he goes fat escrows which would allude to the idea that he's using his own money.

If that is the case, then the number you can plug into your calculator for your labor is a big fat goose egg...and your profit calculation should reflect that.Therefore, what you are actually trying to add into the equation is an arbitrary number for "opportunity costs". 

For one thing you get super fat.  

I like that too because those are nice big fat proceeds  checks  they feel good.

Is currently undergoing renovations, I wanted to jump into the Indy market and purchased this property without much knowledge of multi family rental in Indy.

BP'ers--a prospective tenant who is undergoing a short sale on their home wishes to apply to rent one of my units.