I totally underestimate the "flip" and in my mind it was more "remodel" which isn't realistic.

Ours (Green Remodeling) was not expecting the city to go through it with such a fine tooth comb.

Example:  If I'm buying a house that with purchase and remodel will be $100,000 and I put in $50k, and my silent partner puts in $50k, what's the split? 

Remodel costs 50k.

I had to have it remodeled before it could be rented. 99.999% of the time this method works though. 

I am an 8 military veteran and currently in the general contractor field doing remodels.

When you buy the property with the intent to remodel and it is already occupied what do you do?

Im definitely not getting an amazing deal or anything just the certainty of the upkeep, remodeled bathrooms and familiarity rather than try to hunt a multi family house in another town.

At that time one unit was vacant, so we remodeled it before filling it.

The third floor needs the least amount of work on this house so our focus remodeling wise is to get the 3rd floor/common area finished so we can get the 3rd floor up for rent ASAP.The water is on to the house and we expect to start some plumbing work this week/next week for the 3rd floorThe electric heat install for the 3rd floor unit is scheduled for next weekWe are finishing up a 2-family rehab in nearby Bristol, CT so we are working on getting the roof, plumbing, HVAC, and electrical squared away with this house so when our employees are finished with the 2-family they can hit the ground running with the remodeling of the 1st and 2nd floor units. 3rd floor should be done by then.