If he funds the purchase and repairs, I will do all the work (meaning some demo, finding/scheduling/managing contractors & projects, etc) we will spit the proceeds.

At the last minute he decided to increase value by adding a chandelier, it almost detailed the project, hilarity ensued, and in the end they got it installed.

I am currently working on my first project in the Decatur, GA area.   

My Fiance and I are looking for the same in morris county a bit harder to find properties that cash flow there...My advice find one that needs work grab a fha and 203k load wrapped together and reno it ( if your up to a project) Vinyl flooring , quarts counters clean and modern.

Any tips for this project in general?

The goal here is to align everyone's interests in getting the projects done quickly and efficiently keeping costs as low as possible.

The contractor that I've worked with on projects around my personal home has ALWAYS quoted his labor only.

We purchased a small condo in San Jose, CA in 2012 and as my husband is a residential construction project manager who has several skills, we were able to semi-rehab the place, held and sold for a single family home. 

Project these numbers for 12 months, come December, should be over 320k and over 20%. 

If it needs repairs or rehab you might be able to hire a project manager and communicate with them over the phone daily.