Holding costs include paying taxes, insurance, utilities as a minimum for the duration of the Rehab and sales period.  

Considering he is also the manager it’s somewhat tricky, You should first vet him as a PM and make sure you can change pm if required.Work the numbers on actual rent, including his lower one.Are all other rents at Market? 

When discussing cash flow/month (not CoC) do you include maintenance repairs and vacancy in the calculation?

This includes marketing, negotiating, and estimating repair cost.

Way way over the top type stuff for most people (myself included), but he is bursting at the seems with customers and is a great business man.

Hi Nicholas Aiola and all experts on this thread,thank you all for your time and great inputs you provide to BP members!I purchased my primary home in CA in 2004, refinanced it 4 times, latest refinance was in 2012. C...

Tenant understands and agrees that Landlord has no obligation to obtain insurance for Tenant including, but not limited to, liability, hazard, or contents insurance.

That is not exactly a Pyramid Scheme, but includes some aspects of one.

We have already negotiated percentage and terms including signing a promissory note and having the lender be first lien position on the SFR property.  

The highly leveraged  DSTs including zero coupon or no cash DSTs can certainly absorb your debt and if the project goes to fruition you end up with fractional ownership of a fixed asset in exchange for monthly cash flow.