My research showed comps in the 175-200K range, I'm waiting back on my realtor for her list, but her gut instinct was 160-180.I'm planning on going back Wednesday and spend some time nailing down a real rehab cost to make sure my numbers aren't too far off.  

I will be handling the following:-Property Search and Acquisition-Managing renovation & sub contractors-Sourcing and screening tenants-Ongoing property managementWe will be investing in areas I already invest in, have my team assembled in and thoroughly understand, neither potential partner is local. 

thank you both for the responses. ok so here is a little background. he owned his own general contracting biz years ago. got out of that , he currently works full time as a maintenance facilities foreman at a school district. but he is very active in doing side jobs. he  has many connections in the trades. so essentially this would be an on going relationship for us. as he is looking to supplement his income. and hopefully do it full time to quit his job. he is very experienced and trustworthy. does excellent work as he has remodeled my basement.  

Ongoing MaintenanceMaintenance costs have a major impact on profitability.

I ran more numbers....being my first property I really want as much conservatism in my analysis as possible to make up for any noobie calculation mistakes.

Obviously I know the .97 part because I ran that particular credit report past FHA a bunch of times to find their cap for that particular credit report, and it turned out to be 46.99%.

or NO money down no credit 100% loans at again a rate that sucks you in.. then they want to ding you for little fee's and basically turn you down.when I ran my shops I eyeballed each of my borrowers.

I ran into some of his representatives at a the chicago rei expo few years ago.

I hadn't planned on going down the BRRR route but that looks like the best option.

They only require 3.5% down and you can roll repair costs into the loan, as well as up to 6 months of mortgage payments while renovations are ongoing.