every project is different and will take different lengths of time. i will tell you that most rehabs with a kitchen and bath, full paint job and flooring will run past 2 months. its waiting for the contractors if they show, inspections, weather, material deliveries etc.

Ok, now that you have taken your initial step, below are some quick links to get engaged.Since your interest lies in buy and hold, I added the below links for your review while you wait for local connections via networking.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/forums/categorieshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

Must include cost of materials and labor, plus the about of time to do the work.

If you are talking about 2-4 unit buildings then Dave Lindahl's materials may be more than you need to get started.

The rest was mortgage under my partners name ONLY.In the process of the renovation, my partner alone put the money from which we paid all contractors, bought material and made tax, mortgage and insurance payments (~$150K).We are about to sell the house and my attorney is asking us how should he do the 1099's from the proceeds.My questions are:1.

Common Places Mildew thrives on organic materials, such as paper, leather, and many types of fabrics.

Both Freddie and Fannie loans are underwritten by those lenders and then their underwriting package is submitted to Fannie and Freddie for final review. 

I included a screenshot of the financial break down they sent with the info package if that helps at all.

He also import his own material from China and can use that in his advantage to offer lower than anyone else

If it's a FSBO, the seller is also selling themselves short as neither you nor the seller have any experience (assumption on my part based on the question you asked) dealing with foreclosures, which will have (more than likely) a material impact on the viability of your transaction.