There are also numerous other factors that contribute to the equation as well, such as the market you're interested in or even unexpected malfunctions that you will need to be prepared for financially. 5k is a great start though.

Ive heard both from numerous different people but would like an opinion from someone more experienced, thanks!

Just the way I do it but can be done numerous ways.

I've seen this happen numerous times in the past. 

There are consequences for our government decisions and a lot of current policy and national sentiment continues to be inflationary (tighter immigration, high tariffs, wars, nationalism/isolationism, child tax credits, student loan forbearance, high government spending/deficits). 

But, for the flips my wife and I have done, every single property she has ever sold has gone into bidding wars and sold for 10's of thousands more than the generic flips in the area.  

I have spoken with numerous people recently who have stated this.

This pivotal phase would just intensify the war between RE tech co vs NAR and also between brokerage vs brokerage. 

Less competition: With less attention from institutional investors, individual buyers often face less fierce bidding wars.6.

Plus collecting it by splitting it evenly can lead to the 2 duplex tenants getting into wars over who is using the most and if its fair.