However, recently a good friend of mine from church (who happens to have an extensive experience in RE) offered me to partner up to help me start and without me having to put any money, just asked me to contribute to him by finding a low cost deal, help with the process and he promised me to split profits equally if either selling or holding.

What are the Term and Extension provisions of your PMA? 

Starting on your own (despite your extensive experience with your family rentals) can be an overwhelming task. 

Since this deal is being bought for a low cost, many hard money lenders will pass on it unless it is an extensive rehab with a significant value add. 

All my taxes on all entities were all filed with extension. 

I understand how much notice I need to give them yet I did not know what document I need to use to make this change reflected in the lease since this is not a lease extension.

I don't know what a good KPI would be when analyzing wholesaler deals that would convert into a dispo, but I'm sure it would take several.I would recommend networking extensively with wholesalers in your area, especially those who are just starting and would need assistance on the dispo side of things. 

On draw #3, the tediousness of this process, which caused delays, and then an extension form was requested where we would need to explain the delays, was really getting to the both us, and my GC vented to me his frustration about the delays in payment.He's been really patient and understanding, his team works fast and they do good work.

I've found a resource that brilliantly addresses these issues, offering extensive information for investors seeking to enhance their understanding in this field.

I thought it took tons of capital (of which I had none) and extensive knowledge that would take forever to learn.