But if an association has a low HOA fee (say, $150 - $200) and it stipulates exterior maintenance, roofing, water, sewer, insurance - are those not costs contained already within the 50% rule calculations?

Only stipulations are that you occupy the property for "some portion of the year" and that it not be controlled by a management company.

I don't know much of anything as far as financing goes but I think FHA's main stipulation is that it just has to be habitable...  

If you do not want to go that route though, I would write up an agreement stipulating the profit split between the both of you, and that the other party can't deal with this transaction without your involvement over a reasonable period of time.  

@Daniel Chang so the MJ law in CA stipulates where it can be used. 

If you have a property under contract to either buy for yourself or wholesale, sometimes people will stipulate in an addendum on the contract they can put a lock box on the property.

@Payne Wald only stipulation is you have to intend to use it yourself for at least 14 days throughout the year.

I can only say that if I were a seller, I would have 3 stipulations: 1, a healthy dose of earnest money, and 2, an escape clause that allowed me to continue shopping my own house around on my own while the wholesaler was doing the same thing, and 3, the obligation of the wholesaler to buy the house if they couldn't locate another buyer in a suitable amount of time. 

I took the broker class in 2002 but chose to not take the final (which I would pass and become 'broker eligible') because I worked for an investment company where legal counsel and the company operating agreement said (essentially) and stipulated I not be licensed.

What kind of trainig do they give new agents.Do they currently have investor agents.How do they handle co-servicing  (you mention you don't want to work as a retail agent so I would think you would want someone from your brokerage to sell the houses you renovate) between agents for referrals in the company.Does your split change for investment properties vs retail salesDo they stipulate that you must act as a licensee for all transactions.