I have received some property information from a couple of realtors based on inquiries I requested from LoopNet.com.

Either works:1) You pay rent as an expense, as well as receive two rents as income.or 2) You only receive the other persons rent.I would put in the two rents in the analysis for future use if you move out.

You can never take more than your share of profit; similarly, you can't have your IRA receiving more than it is due - it could be considered an illegal contribution to your IRA. 

However, upon "celebration" of receipt, I was dealt a crushing blow when I saw the file format I received was .txt.

Last month I received the current appraisal and it dropped to 47000.I called his office and told him about the rehab and he said he would come out again in October.I was set to do a refinance out of my hard money loan in August when it is rented.

On the drawback side, we received our first denial for flip financing from my bank.

check out checkbook.io; super easy to set up and send/receive payment

. - Also what is the going rate monthly, what services you offer, receiving payment from the owner, using an attorney to file evictions, etc.... 

My father just refinanced his mortgage and will be receiving $20,000.

[This is the weak point where your friend could take your money.]Do NOT receive the refinance loan proceeds from the title company (except proceeds in excess of your friendly loan, if any and normally not).Refinance loan proceeds must be sent to your friendly lender otherwise two things occur: 1) the refinance lender and/or the title company gets suspicious this is not really a refinance, which may kill the refinance loan and; 2) you don't get the discount on the title insurance due to buying title insurance again within a short period due to refinancing (in Texas) because you’ve tipped them off that you’re not really refinancing.