@Matthew Cook I would NOT pay for the renovations unless I was on title or had a very formal contract written about the split of profits.

New tenant must go through complete vetting, sign the lease, pay security deposit and rent, and move in, prior to the referring tenant getting their $100.

For example I would rather buy a property for a $100k discount that may have negative cash flow of $500/mo month for 3 years than pay market value for a property that cash flows $200/mo.

In these instances typically the lender will pay it to protect their interests. 

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

Sure don't do the renovation, rent it for 200/m less, and maybe that 30k investment won't pay off until year 10, but you're still investing back into your property, improving it and adding value.

I like the idea of getting a great deal, so should I take a pay cut, invest in getting my real estate's license, go the CCIM route, and find a broker to sponsor me until I'm a CRE broker and earn of the commission and get into bigger deals as a GP?

Financing can also vary depending on whether it’s 2-4 units or 5+ units so keep that in mind as well.Having a strong team and lender familiar with multifamily deals is crucial.

You’re paying big money to target people who explicitly want to hold on to their homes, all in the hope of convincing them to sell.

They do a better job of advertising at the same rent and you avoid another month of vacancy, paying for themselves.