Because if I'm understand the 50% and 2% rule, then I'm doing thing the wrong way.Also after I finish the paint job and floors should I focus on my next purchase or should I focus on restoring the carriage house first?

Of course, depending on your area and how old the finishes are, you may have to update somewhat just to be able rent it at a market rate with a decent tenant..

By the time I finish my UW it is down to a 8 or lower.

I would do all the work from start to finish and the other person would simply provide the money and a little guidance if & when needed (so it would be great if he/she has some prior experience flipping).

If the contractor doesn't perform do you have the capability to finish the project on your own?

I think this is a good example of making sure you've got a Realtor who knows what they are doing with your specific situation.With 203k, as far as I understand, you get the money as your finish projects so you need to get the work done and then you get paid.

I lease an executive office in Chicago which is part of a shared space (my fiancé is finishing up law school in Chicago).

To know how much a rehab would cost, you need to consider the scope of work, the finish level, the specific contractors, the location, the time of year, your negotiation skills, etc.

In my opinion, some of the ultra modern condos on beach finished right after the housing crisis have more potential in appreciation as many of them are currently selling way below the construction costs.

@Logan Zanki your goal is realistic and attainable.