Quote from @Eliott Elias: Its role in real estate is too hyped.

What you are describing is a "dual agent" role, where the agent represents both buyer and seller.

Contractors play such a huge role in real estate projects.

Insurance cost for weather-related disasters is growing to a major concern in many of the southern markets.

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.

Licenses are typically required if you plan to work in a professional real estate role, like as an agent or broker.

As for wholesaling, there is no license required bcoz your not Selling or acting as agent in a fiduciary role to anyone but yourself.

Basically, flip partnerships suck unless you spend a long time being clear about the roles and payouts, etc.

As a licensed contractor, I’ve worked with expediters and know how essential your role is. 

He’d likely play the role of buyer’s agent, contractor, and rental listing agent—something we successfully did last June.