These aren't issues that are specific to flipping and should be a primary focus for any real estate investment - The bottom line is that you made a profit despite the challenges you faced - and congratulations for that - but it seems to the bystander that you gambled with another investor's money while investing very little of your own - you put yourself in the position of a teacher or mentor when in fact you are not extremely experienced in the business of flipping - consider how you would feel if you lost a portion of your partner's investment....Today I am closing on the purchase of my 15th flip for the year, and I wouldn't dream of taking on an investment partner who wasn't equally experienced and had an equal say in the decision process.Good Luck with your future projects and Happy Investingjeff 

One MAJOR advantage to renting the property out for a year is if you decide to sell it after renting it out for a year or longer it's considered an investment property and you can 1031 exchange it into a property of equal or higher value and not have to pay capital gains taxes on the sale of the property. 

Took me time to find an equally aggressive PM team.

You’ll learn how Paul discovered the vital difference between investing and speculating, why falling in love (with a deal) is incredibly dangerous, and the huge real estate gamble that Paul made that cost him $40,000.

Debt service, taxes, and insurance alone must equal just under the $1600 the current owner is receiving in rents.

The market rental rate for the units (after repair) is 625/mo, this coming from another building across the street with equal sized, clean, painted, with newer cabinets   The tax assessed value is 72000.Unsure of repairs needed yet but if I guestimate 12/sf i'm looking at about 25000 (I'll verify this before bidding)Comparable sales do not reflect much due to the number of sfh surrounding the property.  

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff. 6.

We can't force one party or the other party to move, as both would have equal rights to tenancy.

You mentioned that interest rates have been terrible (low) the past few years; so, there is a disconnect in feeling that rates are low but wanting to achieve an ROI that is equal to interest rates.

It is absolutely vital I have AT LEAST first months rent to cover the majority of the mortgage while I fix up the other unit.