In addition, you will want to verify those actual results (insurance quote, check tax records, schedule out cap ex based on the cost and remaining life of the individual building components for this building, call utility companies, etc.).

If I have an agreement with the subcontractor clearly defining their responsibility to cover Worker's Comp. will that take me off the hook?

As someone who has used Scrum (as well as pretty much every Agile development technique) for some of the biggest product companies in the world (I managed a lot of teams using Scrum at Microsoft) and as someone who has flipped a couple hundred houses, this makes absolutely no sense to me.The big advantage to Scrum in a technical development environment is that it allows the customer to change requirements anytime ("requirements volatility"), and because the development is being done in an iterative style (each defined time period you have a working unit or sub-unit that can be demonstrated), each defined time period you theoretically have a working product that can be released to the customer.While there are some advantages to that methodology when developing software, I don't see any advantages when rehabbing a house. 

They are a huge part of my overall business/REI plan...and a key component to what I teach...but, like any type of REI, you have to know how to analyze...and in this case what to analyze.

Seems if you are laying out $70k of actual money and he is investing $20k of his time this is definately not a 50/50 deal.

I don't think you need to define what an accredited investor is, but not sure.  

Need to define a plan: facepalm. 

I don't define "timely manner" in the document, because what I want to do can vary depending on the situation.

Set backs that define the allowable building footprint?

Answer to your question depends on how you define a "neighborhood"  If you consider the 77 Chicago communities as neighborhoods then the answer is no, Trulia is not a good representation of the quality/safety of the neighborhoods.