Would that still be the case going from a very run down, needing full renovation, 3 family to a fully modernized and extended 2 family? 

We want to do some renovations and rent it asap as an office building.

Especially w first few deals, the sweat-equity partner may only contribute 30% of value, so 30-70 is the arrangement, especially if it's a short-term JV...I think we hear the 50-50 talk from established investors who have built a long-term relationship w investor-partners.Yes, we could get into the minutiae of tracking the dollar-value the "worker" brings to the table over time, which I guess is the spirit of the "mini-mortgage" approach: Estimate the value of their sourced-deal if wholesaled; set an hourly wage for office-work/time spent renovating; charge a leasing fee for tenant placement and 10% of rent or whatever each month for PM moving forward... 

And if that’s the case, what is the guarantee they leave when the lease is up so you can move ahead with your renovation?

, and the ones that did were way back in 2014 before my guess is they were fixed / rehab'ed it makes it harder to determine it's true value.That said, it's definitely a deal given it's one of the last homes, that's not been renovated in the area up for sale. 

As long as you have access to a lot of capital to fund renovations, vacancy, and unexpected items, not to mention can handle the stress,  and trust me--t will be a lot, and it's a lot of stuff no one  (except BP!)

Our prices on construction projects have to go up significantly to keep up, I am interested to see when that shifts to where most retail customers or investors can't afford to have renovation work done.

This property is being completely gutted and renovated to use as an AirBnB which should bring in about 300 a night (on average at 70% occupancy).

Some patience, sweat equity, creativity & money (= renovations / upgrades) will bring you into great cashflow.

I believe we are at a point where you will see people that are in the business of flipping homes and buying homes that potentially will go out of business because they do not have enough inventory to buy, renovate, and flip, or hold because the wholesale inventory is so low.