2 weeksThat's from the movie Money Pit - you will not get an answer to your question that will encompass every flip, it all depends on what you do and how much you do, I'm a General Contractor and i can give you at least 20 different prices for the same project -  lets say, a bathroom ( most common reno ) -size of bath -  what tub, (steel, cast iron, fiberglass) - or is the bath just a shower, (fiberglass, ceramic tile, marble, are there accent pieces ?)

Deal size also matters...this could be a syndicated General Partnership and Limited Partnership structure.

Just to let everyone know, in my area it's looking like a payback in 4-7 years depending on size and assuming current electricity rates and the 30% tax credit up front.

Being that it is such a nice size lot I would estimate it can't ride a higher rent due to proximity to the university.

In order to make money from your DM campaign you'll need to send out hundreds or even thousands of marketing pieces a month; building a list this size on your own would be pretty labor heavy.

What size properties are you talking about?

@Dan Schwartz  I see a lot of huds in my work a day world... how lenders make up for safe harbor is junk fee's which they are not limited to.. most loans of this size will cost 4 to 5k to get funded... includes origination fee's and all the junk fees.I have not seen one under 3,600.00 total fees on the hud.. paid by buyer ... a lender simply cannot stay in business if they are not making 4 to 5k per file... they would close up shop and stop doing those loans if they could not generate that amount of revenue per file.

If you're in a position to do out of area deals; Dallas, Denver, Portland seem to continually top the charts among a number of other locations.

I have experience in Single Family and Duplex size. 

This location, unit size, and potential for rent increase are all too good to just "give up" on.