. - I definitely understand this market is not for the weak or beginner.

Many times any chronic issues with the homes will appear there in comments.2.  

I have 0 experience managing, so I feel this will be a weak point. 

I try to see what other areas of weakness I can shore up when I'm in a holding pattern; worst case scenario, I utilize down-time for learning everything I can learn so that I am better prepared for my next move, whether that's buying another house, recognizing the market is too hot, changing strategy altogether, etc. 

A partnership should mean meeting each others weak points and earning more than you could separately.

If he doesn't take it, Id just run.No reason to put yourself in a marginal hand for your first deal or a weak one when you could put yourself in a strong one.

My weakness is construction and estimating costs as I don't have any personal experiences with it yet.

I don't have a large RE network and realize that's a weakness.

PS know know and understand the whole play to your strengths thing and outsource your weaknesses which is my plan eventually but not with my first property because  want as much profit coming back to me at this time because as it is am living in the basement suite which takes away from the limited cash flow already get.  

I'd look for someone who was good at my weaknesses.