I would like to finish by saying I know I am not the best at grammar and for that I apologize!

For simplicity if he paid $30 in a month with 30 days, and you close on the 10th, you would pay him the $20 that he's owed to finish out the month. 

@Anna Watkins If they are the original hardwood floors most likely the finish that was on them has worn down enough that the hardwood itself maybe easily damaged by the amount of water from the steam cleaner.

One guy starts the house, a different person finishes the house and completes the walk through with the buyer.

My partner and I are in a similar situation - both about to finish grad. school and looking to pick up our first property (3-4 unit) this year via 203k-ing into a distressed property in a B/C neighborhood in the west suburbs.

He can cash out refi right after rehab is finished. 

No penalty for trying and failing to finish other than the exchange fee.

Note that this other REI may have great credit, but is doing the BRRRR method...and has hit their limit on mortgages.Here's what you would gain from this:1 - A percentage of the cash flow from the finished Rental2 - Experience on all phases of the process, from beginning to the end (this is a required part for the use of your credit), as an observer.  

If anybody can help me get an outline of start to finish articles to read, videos to watch, step by step, I would greatly appreciate, this site is full of great people and I hope one of you can help me out.

as well, know your market and what the homes in the area are selling for that are similar in square footage and finishes to yours?