I used to own three rentals in Seattle but after 2012 when the prices got too high I realized that sophisticated buy-and-hold investors invest where the numbers make sense with cash flow, not appreciation (gambling).

I know I would need to establish an association with declaration, condo docs and such, get city approval and have a surveyor involved. 

It's an area where some struggle (especially in the beginning), but it's certainly overcomeable - and it's something that can definitely get easier when you get more established, learn how to advertise effectively and build up a buyers list.To put it as simply as possible, I'd say it's ultimately a matter of:Buying the right properties in the first place.Offering a compelling price point (which usually isn't hard, if you buy it right).Compiling the information well (with good images and descriptions).Getting your listing in front of as many eyeballs as possible (and keeping it visible).If you're able to, provide the option for seller financing, so buyers have more ways to buy your property if they're unable to get the cash from another source.Does that make sense?

You can sign up for these on a great website called Meetup.Financial Preparation:Evaluate Your Finances: Understand your current financial situation, including savings, credit score, and any potential sources of funding.Create a Budget: Establish a budget for your first investment.

An established organizer offered me a partnership and wants to give a friend 10% equity for scouting new locations.Questions:1.Would hiring a professional real estate agent be more efficient and beneficial than giving a friend 10% equity for this task?

But knowing what you are doing should be a part of investing anywhere -otherwise it is gambling and not investing. 

My idea was to establish myself with some paid-off, cash flowing properties to make leveraging them for more investments a lot easier.I'd like to flip some houses to generate some cash, but  even knowing what I know I'm struggling to see how to make money doing so. 

Generally it felt like a well run establishment.

Hitting someone cold will not give you that leverage.As Russell said, investing long distance is extremely risky without an established crew and contacts in the area you are looking. 

Again, it's about establishing a connection. 3) We did a property walk-through.