Being in NJ, market is super competitive, so need to figure out how I can maximize the profit.

Philadelphia can be a very profitable market but it’s also a city that can eat investors alive who rely on bad advice.

Buy it, rent it, Profit 2.

SEO according to data across thousands of deals we've researched with investors tends to have the highest lead to deal close ratio and highest average profit per deal, mainly because of the motivation.

Thats a huge swing in expenses.I think you have to run the numbers and work backwards and then find a gross profit that you're comfortable with. 

I put a little bit of work into it and made a decent profit.

Doing things on the cheap in these situations can be the difference between making a profit or losing your shirt.  

Your focus should be on growing a profitable and sustainable business, and rarely does this correlate in anyway to the size portfolio you can grow  as quickly as possible.Before you concern yourself with your partnership agreement you should revisit your investment thesis and strategy. 

Just be aware of the for-profit clubs.

BRRRR:Flip: Yields a potential profit of $55-60k after capital gains, assuming rehab stays within budget.