Assuming things don't crash and burn in the coming months I am planning on partnering with a real estate agent on a couple of flips and I am a licensed contractor and I am trying to structure our partnership fairly.

I have seen beautiful houses reduced to wrecks in only a few years with folks tearing out the inside wood to burn in the wood stove, cutting a hole in the bathroom wall so the horse could drink out of the bathtub, (in fairness he was drunk when he did it), piles of empty booze bottles almost as high as the junk cars. 

Isaac you need to wait for a "burn in" period and do nothing.Watch how the tenants perform and the property runs before making any huge capital decisions.Yes we look at those items before purchasing to see the best strategy but since you have already closed it is best to do some more research.

Zoning and financing aside, one of the last things you want included in the front page newspaper headline should your building burn in a fatal fire is "...illegal unit...".  

I am Scottish and burn in fog.

When 2000 homes burn in 10 mile radius, EVERYONE is underinsured.  

I will either end up watching others play and have fun the warm waters while I wonder what could have been or watch them burn in the acid bath while I bandage my big toe. 

Am I satisfied with the left over cash that I could burn in a pile if i chose to after all the costs are paid each month?

I keep 6 months burn in the savings and then I always keep two to three months in the operating.

Well over a hundred kids and only one issue, a burn in a carpet that Doctor Daddy sent me a check for!