It's not right for every deal, but for cash deals in my area it's workedfor me.

It'll be hard to cash flow if you are living there that much, though cash flow isn't everything.

As an investor in a market where cash flow does not come often and appreciation is a bigger play, I understand your mindset. 

Every Market (Detroit) is made up of a series of Micro-markets (neighborhoods) of which they are all different in cost, value, cash flow, rents, etc...

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

if the second buyer is paying cash then your done they pay your off and your first note.. off to the next one..

So cash flow isn’t the biggest concern.

Another must have requirement is to have positive cash flow.

If you’re talking C properties probably cash flow.

With the upswing in the country's short-term and mid-term rental markets, a unique opportunity is presenting itself to house hackers during a time when it's harder to cash flow than it was a few years ago.