Like if your a Calculated person you're not going to want the hype books that seek to encourage and motivate you just want the Input.  

I can't imagine your calculations add up the same after you put them up to a contractor's, or do you make your offer with a certain margin of allowable difference in mind or do you make a ballpark offer or an offer 'minus repairs' before your official offer after you've brought your contractor over?

.- If purchasing and/or improving a property, consult with your CPA on how to mitigate taxable events (for example, if you have to sell stock you own to fund the investment).There are many other questions that could be asked, but given that I do not know much about your situation, I am not sure if they would be relevant.

I have the power to get the loan, but I don't want to take the full taxable income if I plan on splitting all profits with them.

Based on Revenue Procedure 2008-16, we recommend that our clients hold the property for investment for at least 24 months or more, to demonstrate that they have the intent to hold for investment.Once you have held the property for investment for at least 24 months, you can sell it and qualify for a combined 121 Exclusion and 1031 Exchange strategy.You would sell the property, exclude the full $500,000 in capital gains (as a married couple) from your taxable income, and complete a 1031 Exchange on the balance of the transaction to defer the rest of your capital gain, including any depreciation recapture, into the purchase of another rental property.

Most of it has to do with the fact that the  value is calculated differently, and you don't have to rely on comps for values.... you can increase the value of a 5+ unit building by raising rents and cutting expenses.  

It brings in 600 per side and our rough calculations are we may get close to 500 per month cash flow. 

So that would be 195k(purchase/repairs), closing cost of 20k (approximately, I haven't learned how to calculate CC yet) brings it to 215k.

So that would be 195k(purchase/repairs), closing cost of 20k (approximately, I haven't learned how to calculate CC yet) brings it to 215k.

Borrowed money is not taxable.