We did the numbers for both and the first property would need too much time and money to the point that it just wouldn't work for our budgets.

Also what kind of budget is he looking at?

House built 1975. 1 car garageProperty After Rehab: 3bed/1 bath (turned into jack/jill bath), 1200 sqft, REMOVED addition and turned section into a large entertainment outdoor deck.The Bad: Budgeted 45k for rehab, ended up 53k.

A budget could very well be blown by hidden mold, asbestos, termites, leaky water, etc.  

I suggest you invest in an attorney reviewed and edited contract, draft the contract first if you want to tailor everything to your side, saves you money also, imagine all the worst case scenarios, over budget, over schedule, change orders, etc. you need to get the CO clause at a minimum pay, say actual hours x fixed rate and major material receipt only plus 15%.

Thats an extremely tight budget, as you know.

I have not been to that one as I have a conflict on Wed evenings but I have worked with Freedom REI before and it looks like a nice event. 

That, along with paying for the wedding, set my plans back two years.

Always remember to do the math analysis and try to look at your prospective properties before you make an offer and possibly back out of the deal if something is found that is major and you did not budget for.  

The last time HUD cut the SEC 8 budgets - by 8% across the board I believe - every housing office decided how to apply the cut.