Analyze a flip opportunity outside Phoenix

[Leland S.]

Looking at a JV with a partner I met here on the forums. He appears to have a connection to someone who purchased a home in Gila Bend, likely a wholesaler, although the house was purchased in March so seems odd it's still available. The contract he proposed is to:

• purchase the house (20k above their purchase) for 75k.
• I put 10k into it to fix the roof and HVAC
• He puts what he estimated as 12k or so to rehab
• He believes he can sell for 140k easily FSBO - or use flat rate MLS listing
• A recent comp nearby (only 1) shows a similar sized, but newer home, much less land, sold for 150k 
• The house needs some new drywall, paint, unsure if tile is still OK, kitchen rehab, 2 bathrooms rehabbed, probably carpet in the rooms
• My holding time is 90 days to sell apparently in order to qualify people for FHA loans

Is this a good place to put limited supply of my money? 

Separately, I'm having a lawyer review the contract to help prevent my money from disappearing - that's probably my biggest fear.

[Stone Jin]

Do you think you can make money after doing all that rehab?  

75K purchase price + 30K rehab (if you are talking about painting interior exterior, all new flooring , new kitchen and 2 new bathrooms, roof and hvac) + holding costs + closing costs = 120-125 all in?  Sell for 140 so maybe 15k in profit to be split 2 ways?

What are you bringing to the deal?  Just money?  Just doesn't sound like a good deal to me but I'm not a flipper.