Pasadena, CA Deal Analysis, Historic Home - Seeking a Partner

[Michael Hopkins]

I've got a unique lead in Pasadena, CA I could use input on analyzing as I'm a relatively new investor. Here's the highlights:

• ARV $750-850k

• Historic District, California Craftsman

• Seller wants $200k cash out

• Loan Balance $550k, Reverse Mortgage

• My General Contractor toured the home and provided this strategy recommendation: 

> Sub divide the 18,000 square foot lot into (2) lots and build a second SFR; Sell at $750 - 850k each

> $500-600k rehab costs

> 12-18 month timeline

Input and/or interested investing partners are welcome. Thanks in advance!