But I'm having trouble finding any properties that I could rent, BRRRR, or flip where I would even break even—let alone clear a profit or cash flow.My question is: When you hear that I'm essentially doing 100% financing, does that make it clear to anyone what strategy would be best?

With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

We cut the fronts from a thin plywood and stained that a light stain. 

Don't forget about single family as well as to cut out 80% of the deals.   

The first mistake is the property is free and clear.  

(May also cut significantly into the current cash flow on it)I know you mentioned not doing a HELOC on my primary, but wouldn't it be advantageous to have the ability to pay off the line of credit instead of be stuck in a payment that is much higher? 

You have NO leverage, no matter what he builds or does not build, except for the developer saving some money in legal fees and cutting down on mesne profits damages.

If the partner wants to get a bigger cut on future deals, they can save their money and buy into a larger percentage on the next deal.

Quote from @Anil Shah: It's unfortunate Raleigh-Durham didn't make your cut of 13 cities but Charlotte is definitely the city to choose in NC if your want the city feel.

Would it be a good idea to take a deposit to secure the deal until the rule clears?