Yeah negative equity is not good, and make sure that the lender is on board with 5% down for a non owner occupied investment property before assuming that they are. 

However, like you said, Its hard to get someone on board when you have no experience. 

He wants to retire so I'm planning to buy him out and keep my bil on board as a small percentage partner with no ownership. 

I am 100% on board with flipping and holding a property myself, even partnering, Refi'ing, and paying out if there's enough meat.

In fact we tweaked some things, and instead of them (the city) being adamantly against it they got on board and actually helped with the project.Here's my personal & professional advice - talk to the individual first & foremost and find common ground. 

Also stress that if they cannot get on board with your business model then you will need to find a different realtor.

For my first syndication I made sure to have highly experienced GP's on board with me for a variety of reasons that I have found to be extremely valuable. 

I make enough money to cover him if anything ever went south, and he is on board with the idea and wants to do it. 

I help get Podio stood up, integrated and onboarded. 

I feel like it's something I could benefit from since I'm not that experienced I have no clue, but I feel like most syndicates including mine are always in the search of getting more people on-board since the more members you have, the better wholesaling deals you can obtain.