On paper the numbers look good, if you are confident in your projections then find some hard money and PULL THE TRIGGER. $100k is easy to find if your numbers work.

I am setting up an appointment with my lawyer to review all paper work and concepts.

Yes it sounds like a deal on paper based on those numbers but does that include rehab cost?

They might look good on paper but the only ones that can make it work are local, hands on professionals. 

Just show him on paper how he could do better by getting closer to his list price, if it still works, his higher list price and how he would do better over the bank savings account or CD. 

I bought two good deals on paper but because of capital issues and really brutal Hard Money terms, I'll walk with much less profit than anticipated. 

I think a good strategy no matter what, since pretty much everything is "overpriced" by traditional measures, would be to "get real" by owning tangible assets such as gold and real estate rather than financial "paper" assets like stocks, bonds, REITs, etc.That isn't to say overpay for real estate, but in the next crisis I'd rather be sitting in cash-flowing real estate than stocks or bonds.

I get paper wasp nests infesting my property every summer.

Later, down the road, the LLC partnership won't be worth the paper it is written on when things go south.You really need an attorney and in most states there are many laws you have to abide by when forming partnerships.

With all the extra paper work and fees I don't reccomend it.