First thing to establish is what the project will include:- buy and rent out- buy and renovate then keep- renovate & flipEach of those Scenario's could mean different policies needed. 

Again, this is what I need to learn: The Flipper’s Profit (how much the flipper wants to make on the flip)Repair Costs (how much it costs to fix up)Fixed Costs (how much the deal is going to cost the flipper, including holding costs and transaction costs on both sides of the deal)

@David Fawcett you will probably need to include a city or a more specific area than Northern KY.

Now a consideration could be money but it could also be other things including promises to do something or not do something.

There are a lot of variables including your structure (LLC with Partners?)

As reported in the Miami Herald (https://www.miamiherald.com/real-estate/article221739550.html)  Cities included now are: Boston, Chicago, Dallas-Fort Worth, Las Vegas and Seattle.

Absolutely need everyone on leases which will include detailed rules and regulations.

I'll include a few below.

Have you ordered a payoff to see if 152K is truly what is owed including late fee's, interest, foreclosure fee's, etc?

Just so you know, the basic requirements for the property include income of 3x the rent, good previous landlord recommendations and a favorable background and credit report.