I've read a lot of bad information on how some gurus are promoting techniques that are flawed at best, fraud at worst.

Those are spray and pray techniques that don't fit with sellers right now because sellers/owners are sitting on a very low rate and don't want to move to go up 4-5 points on their rate.Listings aren't a start now thing as well.

If you are sole member LLC you just take a distribution from your business account to your personal account.You are likely already reporting the income on a schedule E.

@Kevin Hoover, with certain types of entities it is possible to contribute property to and distribute property from that entity without triggering a tax event. 

If you're not putting anything in, then I'd expect that your friend would want to get all of their capital back before you start splitting up the distributions.

For house flipping, consider an LLC taxed as an S-Corp to reduce self-employment taxes by taking a reasonable salary and the rest as distributions.

Consistent distributions for class A and Class B should start before the end of the year.

The client can distribute proceeds through a private agreement without involving the title.

I understand your frustration with the current freeze on redemptions/distributions.

Then the remaining profits get distributed at whatever split you both agree to...I often see it start at 25/75 (75 to the person in your position) and then maybe increase it to 40/60 or 50/50.It would really help if you could provide some numbers on your deal.