A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

Is anyone working in GA closing these type of transactions reguarly?

What is the point behind having paid off real estate, if you lose it later in life to oppressive taxes?

My name is Adam King, and I am an avid real estate investor and life long San Diegan!

If someone get's laid off, it takes a few months before they make a big life decision on what's next.

Knoxville isn't a luxury market. widen the gap and do new construction. find infill plots of land in better locations and have more control. work closely with a builder who Is working with investors. we have flippers who did hundreds of flips then they graduate to new builds and say it's much easier. if you have the balance sheet you'll be fine. budget 20%. new construction commands a 20% premium and is much easier to duplicate Over and over and much less risk. 

Hard money and private investing are both ways to finance flips, but they work a little differently.Hard money loans are typically from companies or private lenders that specialize in short-term, high-interest loans.

A balanced approach could be to continue paying down your mortgage while slowly exploring and investing in other markets if the numbers make sense.

With down payments, improvements, commissions, title work, holding costs etc....

That is the only way I have seen most deals work these days.