He said he's completely gutted and flipped 15 houses last year, he showed us pics and the work was impressive.Neighborhoods felt very nice, but surround areas seemed a little more rough (strip malls, etc.)

I checked out the house, made the repair list, passed the 1 or 2% rule - now for the business end and completing contracts.

To be fair, they made me aware that $2350 would be refunded after completion of the first deal.The other $650 is the cost of 2 appraisals that need to be within 10% of your ARV on a property in order for them to fund the property.I would also have 24/7 access to advisors and a plethora of listings “right in your own backyard” to choose from.

Do you really think it will only take 1 month top complete the Rehab? 

I completely understand that there will be all types of ways to tackle this and I'm looking forward to seeing what others are doing. 

Sellers use agents because there are many legal obligations that have to be completed.  

If you finance 100% of the deal and are 100% passive, 50/50 to 70/30 (you/them).If you securing financing and pay for the rehab costs, same split as above but only after you are paid back completely.

If they mention that they have an agent be completely honest with them about everything you have done to date.If you have everything documented you can contact the local board of realtors but I don't know how much they will be able or willing to help.

If someone was a complete pain to work with and nickel and dimed every little thing I'll probably send it elsewhere.

Realty Trac or foreclosures dot com all feature services that show you for 7 days properties in your area, as well as the equity in each deal.