I agree with @Ro Maga - 203k breathes a big fat hassle, inevitable delays (ask me about lead paint...), and red tape... but it's worth it. 

And you also don't say you have a big pile of cash or fat income that you're looking to deploy. 

He bought when it was low, experienced a bunch of appreciation and rental growth, and is now going to sell for a fat profit and move onto bigger projects@Jason OngThe tree comment was probably because the area with the most trees in town is East Sacramento, which is one of the pricier areas in the city.

It was a big fat waste of time and effort.

Or will it be a big fat "it depends?"

When you buy cash and leave your money in the property, your invested money gets old, wrinkled, fat, and extremely lazy.

If your strengths compliment someone elses then you should partner at whatever split you feel comfortable with until you can build a track record.. just remember pigs get fat, hogs get slaughtered 

When I started running the numbers he said I was "too high" and we could trim the fat and still make profit.

Plus the other people who are getting those deals ahead of time have fat pockets and can close with cash.

I like that too because those are nice big fat proceeds  checks  they feel good.