It really depends on where and what you are looking to do.

You didn't mention where you are operating, but depending on average home prices, I think you'll be ok.For instance if we're talkin $500k homes, and if you will get a 2.5% commission, split that 50/50 with your Broker, you will end up with $6,250 per sale, right?

You will need different attorneys in different states depending on where they are licensed.  

Curious if 1031 Exchange laws vary by state, or if it is just federal legislation.

Depending on the severity of smoke damage and structural issues, it could be a huge challenge for first time flip.

If it is someone you know you can give them a straight return as if its a loan - can provide a lower interest rate to provide upside - it really depends on the lender and what are they concerned with and what is their risk profile. 

If its single family I wouldnt bother with a manager but 2 or 3+ tenants in same building I would consider it depending on how hands off you want to be on the tenant issues and how handy you are

Hey Kaleb,it all depends on what's important to you.

Depends on their health and any desire they may have to simplify.

Suggesting to them buying their house for a wholesale range offer or lower dependent on the extent of the rehab, then having a contract in place that gives them a percentage of the profit to help get them back on their feet, paying off debts etc.