@Greg M. is correct the 2+1 guideline is just the simplest metric that is easy to follow.

I think just rent divided by ARV is the simplest way to address this.C) Capitalization Rate = Net Operating Income divided by "purchase price" / "Market Value".

Every aspect but the main ingredient to success flipping is knowing the market.

The simplest example I can think of is a roof. 

In this case, several individuals participate in one first position loan and share ownership based pro-rata on the amount they contribute.Last, simplest, and completely illegal if you do it incorrectly, is to form an LLC and have your investors make capital contributions.

@Rax Gupta lot's and lot's of variables go into what makes a deals numbers green, yellow or red, in simplest term's they come from 2 root considerations; Risk Assessment and Operational Assessment. 

I have gathered that a Co Ownership agreement is the simplest way to go.

@Chad Gibson I'd have to 100% agree with Mike; the simplest way to go is to simply draft a lease agreement, which is legal and binding and proves that they are paying you (income). 

The sImplest way would be to find a 1031 accommodator in your town.  

Assuming Texas participants (you and your "partner") and a Texas property:An LLC tends to be the simplest and easiest when it comes to care and feeding.