You are missing my point on taxes.Scenario 1:  Your partner buys the house at the same time you put your cash in.  

Lot of crooks in this business.That being said, Abilene is a great town to flip or find properties that still cash flow. 

I still plan to in a few years do a 30 yr fixed cash out refi when rates hit low 5s giving up my rate and use that money for down payment on a LTR or maybe a new build for Airbnb idea I had. 

THEN you have to support yourself while you are working on your first deal. 

Cash flowing markets, low taxes, landlord friendly and large demand in renters. 

Purchase price: $310,000 Cash invested: $68,000 Single Family Home in West Hartford #2

Purchase price: $267,000 Cash invested: $70,000 Single Family Home in West Hartford

There are many threads on here about cash flow vs appreciation.

After exhausting every other option, I ended up paying them $25,000 in cash for keys just to get the deal moving forward.

You're trading high growth/stability for lack of cash flow.2.