This is a marathon and not a sprint, so look at it like that so that you can have a long and fruitful career.  

Bigger Pockets is a great place to learn and connect with fellow investors.If you’re looking to invest long distance, I definitely recommend building your core-4 team.

I have a potential partner who is a long-time friend.

I probably wouldnt trust it 100% with that though unless I input all of the data that I have from my analysis in terms of ARV, rental rates, rehab rates, etc. now that I type it out, that actually would be a good idea aha. 

I have a Duplex I was doing a long BRRRR on.

My advice would be go for the most they will loan you as long as you're in an appreciating market and you can find a value-add.

I’d love to hear your thoughts on strategies to achieve breakeven or positive cash flow in the long term.

Can you give us the details, What was list priceWhat did you offerWhat was their minimum to hud counterWhat did they accept, I assume this is same as second answerHow long after the "countered" did they come back and accept your offer?

The fix-up and increased value will not matter to the IRS as long as you sell within a reasonable time frame of the house passing into the estate.

However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.