You have to really analyze where the project could go bad and have contingencies in place in case you run up against them - i.e. the house doesn't sell, you have unexpected costs during projects, what the SOW of the project will entail, what your marketing costs are (his wife as an agent will help minimize these costs), what if something unforeseen happens and you cant finish project, whos name the house will be under, and that might determine who will be able to pull permits if needed, etc.Anyway, you should spend A LOT of time going over "what ifs" and sit down with your attorney and pound out these details.

Make your Team members prove their ability before cut them loose to take care of things you are responsible for.Track all of the income and expenses on projects you do in a report form and analyze them regularly with a few people you trust to help you and you might be able to cut your expenses and increase your income.

Aside from that, when you start looking at properties be sure to analyze the property for Cash Flow first, as if they are fully rented (when you move out).  

So I did an in-depth article analyzing them which might be helpful to you.

I need to know exactly what the rents are to analyze the deal? 

We are moving out of our house hack in a couple weeks, and it's awesome to be able to count on some extra income after moving out.House hacks are tricky to analyze.

I really want to understand how this is supposed to be calculated so I do it properly when analyzing properties.

One of my main issues when analyzing has been estimating the monthly rental rate.

However, it might be nice to wipe your hands clean of this property, move on, and cash a big check.Id recommend getting a 2nd or 3rd opinion on the foundation work, as contractor bids can vary significantlyIf you want some help analyzing the deal, feel free to shoot me a direct message, Im more than willing to help out.

@Vincent HarrisI wouldn't recommend investing out of state for your first property, as it adds an extra layer of difficulty in analyzing properties since you don't know the area and can't just fly out there to look at it.