I am pretty sure this is a good deal. Thoughts? Split?

[Daniel Dietz]

Hello,

I have been on here for a while but as a Buy-n-Hold guy. What I think is a great opportunity for a Flip just came up. I do work for a Professional Flipper/Wholesaler (cabinets and counter tops for him) and he is willing to wholesale one to me at what seems to be a great deal

Detail are; house is about 15 year old foreclosed ranch that he just picked up from USDA. It is assessed at about 160K on the tax rolls. He will sell for about 80K (meaning he got for about 70K - he usually makes about 10K per house wholesaling). He is also willing to finance the 80K for 6 months at 6% Interest Only with a balloon. 

The house (according to him) needs about 15K materials and labor would be 10-15K if all hired. So say all in for 105K. Even though I have great credit and assets, I am trying to sell my primary home right now so so not want to do a HELOC for fix up funds. I DO have a couple of friends/investors who are willing to put up funds needed for fixing and holding until sold for a cut of profit.

I think we could easily sell this home for 150 - 155 after rehab. It looks to me like even after holding cost of say 1K per month, with me running the job and an investor putting up funds, that there should be about 30K in profit. Even if I am off a bit, and say there is 25K profit, and it was split 50-50, that would be a 50% return to the investor and about 12K to me for my work. 

This seems like a good deal for me. WHAT AM I MISSING?

Thanks, Dan Dietz