., whatever pattern makes sense and fits the time you have available.

Your partner deferring payment until the prop sells is perfectly fine and makes sense to mitigate the risk of running out of money (which would necessitate borrowing from a party that is not disqualified, or selling project "as is", likely at a loss).If you had personal cash, you could also partner with your IRA on the front end of the deal (take title in both names), at a predefined % split.Be aware that flipping profits in IRA accounts are potentially subject to the stiff UBIT tax, based on "intent" to flip, which would be determined by the facts of a given case, as well as pattern of activity.

Mostly because tenants can destroy anything, even ceramic tile.

Property is clean but has all original tile and kitchen.Property for sale - 1345 sq ft, 3/2 not sure of condition but I know owner has lived in it since 1992.

You can have something built to code but not permitted, while something that's permitted is automatically built to code.In my area, the city requires a permit for any work on a house that exceeds $500 - i.e. it's mainly there to make money for the broke municipality - including paint, tile, flooring, any concrete work, door and window replacement, you name it.

To add the bonus event, the house evidently never had a floor joist on that end of the kitchen so when the sill went, the pressed wood subfloor, hardiplank and tile went with it.

…or that a pattern of selling the options inside of 12 months shows intent for active dealing and not passive investment?

I'd be afraid of looking opportunistic as it does wear out.I only do tile and vinyl plank flooring.

Floors are solid oak except tile in kitchen and bathroom.

I was thinking like those tin ceiling tiles, or worse those 'pressboard/foam' drop basement ceilings.