It was not uncommon that they bought some of the worst houses (weird layout, dated, much deferred maintenance) in the nicest neighborhoods and then would try to relist them as-is to make a profit before ending up having to do the actual work required to the property for it to sell again, selling at a loss, or maybe making a little bit of money in transaction fees.

How do you stay profitable during off-peak times?

.#1 Find one that is profitable and growing. 

I remember listening to a podcast episode of someone who would rent their LTRs to a non-profit at market value so they could use the housing for people in need.

Money meets effort = very nice life changing profits. 

If you're planning to sell it and split the profits with the seller, it sounds like you would want a novation agreement. 

Clark-Fulton seems to be a very profitable market.

Many flippers offer a fixed interest rate or a percentage of the profits.

My comments is on taking action and the profit centers of real estate:With real estate, time evens out many bumps, including paying too much.

Which is code for- has a great profit margin after expected repairs.