Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

You want to learn from people who are spending most of their time actually doing deals, not marketing their courses.Being resourceful will get you far in the real estate industry.

If you go with the partnership route1) You need to manage the money going in and out of the business bank account.2) File a partnership return and be responsible for issuing K-1's3) make distributions to you and your partner for cash flow that you receiveYou will likely spend many hours on a nice gesture.I may want to consider instead to give a christmas gift or a bonus for early completion of projects.

Question that the “believers” don’t ask is “how much could I earn on the extra money I’m spending to pay down the loan faster?  

Spending the owner's money, not saying anything, and letting them discover it while reviewing the monthly statement is unprofessional.

I spend roughly $120k on my renovations, but this is for the entire property and developing the secondary suite which certainly costs more (2 new furnaces, all new plumbing, new kitchens and bathrooms with tiled floors and showers).All said and done, I personally love it.

That’s why the successful wholesalers and flippers I know spend $10,000 and more MONTHLY on marketing.  2.

You can probably spend much less time touring and learning new things than you would in an otherwise unfamiliar market: laws, neighborhoods, tax considerations, etc.Scenario 2: Stay in Place & Buy an Out-of-State Multi-Family Property1. 

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

GC in my area cost 10% of the total and I would say that is worth it for what they provide, but if you have the knowledge and willingness to be on the phone with subs (and spend a lot of time on site) you could save that by DIYing it.