I typically find that these guys are using terms like cap rate and NOI to make there deals seem that much better hoping that the people listening don't understand how they got to their numbers and take them at face value. they want people to pay for their training or system education materials. 

Material choices may be a little different, etc.

Maybe if you purchase the property 100% yourself, have him do all of the work, one of you pays for all of the materials and when it sells, you split profit 50/50.

Can a self storage facility owner/operator qualify as a real estate professional if it is their full time occupation, and meet the 750 hour material participation and greater than 500 hour rental real estate activity safe harbor rulse?

over enhanced could have save a few grand on rehab with using less high end material Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

over enhanced could have save a few grand on rehab with using less high end material Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you do it with permits, expensive material it will NOT be cheap.

I was cash flowing about $700/month and that includes my HELOC interest on the purchase price.Tenant moved out and we're investing around $6K (mostly materials, we're DIY) on new flooring for the living room, total repaint of the interior, and new kitchen cabinets. 

Some language in our particular HELOC says:"We can terminate your account, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if: (1) you engage in fraud or material misrepresentation, by your actions or failure to act, in connection with any phase of your line of credit (2) you do not meet hte repayment terms.'

The contractor will probably give you their cost: labor, material, insurance, profit, overhead, etc.