This will determine how you split it 

Determine if you naturally side with thrift, or with free spending.

Thus, as I am at this point a ‘hobbyist’ and not a professional I presumed I would simply report whatever minimal profit or loss realized on this first joint flip project as pass through income.

I’ve been actively seeking mentorship opportunities in Dallas, diving into real estate literature (including David Greene’s BRRRR method), and connecting with others who are passionate about achieving financial freedom through real estate.If you work in IT, are based in Dallas, or simply want to connect, I’d love to hear from you!

Or are you simply looking to get into something turnkey, and just stick a tenant in there with good cash flow?

But if you're simply planning on reinvesting all to get the best return possible you might also want to think about a diversification exchange where you sell one property and buy more than one.You could buy that smaller land locked piece. 

I thought the same thing and scaled up rather quickly to 300 units in deep south 95% section 8 after about 18 months I realized I bought myself a job that was simply not worth it..

For sure — I’m trying to determine if I’m making a bad move tax wise, or if I should somehow leverage the equity locked into the rental, which seems challenging with the low interest rate of the mortgage.

Do you use any certain method to determine market rent & what market rent COULD be if you rehab certain things? 

(I have boots on the ground in case needed)Thanks  As others have stated, this can be lender specific.some will also look to your experience as an out of state manager to determine whether or not you can self-manage.cheers!