Does your partner have experience managing flips, do they understand local codes, can they pull permits, can they do drawing, can they inspect and certify the mechanicals, do they know bad plumbing when they see it, do they have a stable of sub-contractors they can pull from and who will make your partner their priority? 

Make sure you are conservative on the numbers, and consider major items such as mechanical systems, electrical (service type, aluminum vs copper), sewer line age (age and trees on property), etc. 

I'm wondering if one or both are running a mechanic business from home.

Maintenance is low too depending on age of units and mechanicals.

isn't a full gut, but needs a significant rehab"...which is obvious....and thats without seeing the basement, where the mechanicals could indicate a lot more.

The Raleigh home is an early 70s with good mechanicals new windows and roof. 

I have been doing some complex mechanical  engineering not related much to real estate busines, but I am building a team that can take it all engineering aspects of the buildings. 

You may find that mechanic liens have been recorded in the chain of title against the property.Who knows, this may be an awesome opportunity.Happy Investing!

Domestic hot water, and; Electricity adequate for lighting and any mechanical equipment within the home.

I got a 2nd opinion on repairs (which didn't include any inspection of the mechanical/electrical of the house).Bill I like the idea of sending in an attachement showing comps and repair costs.