The difference between the cost for a specific repair / renovation if you have a crew or need to find someone on a first time basis can be significant. 

But to be fair, I have spent a great amount of time very recently trying to help another professional 20 years in experience ahead of me bail out of a mistake I NEVER would have made.

All are profits/income tand you are still coming out ahead, even if you have to pay taxes on them. 

I am a buyer - my buy box is 200k ARV, all in $150k after repairs, rents for $2000 per month.

The key is ensuring the after-repair value (ARV) supports refinancing to pay off the initial funding without overextending.Fix-and-flip - This requires sharp numbers and market knowledge.

Assume a couple of months of vacancy, consider potential unexpected repairs (like HVAC or plumbing issues), and test the numbers with rents dropping by 10-15%.

Cash Partnership 50/50 on both the purchase and repairs.

I'm in Detroit now for inspections on one and to generate the scope of repairs on the other.

If cash flow means you make $8 more than your mortgage payment in month 4, awesome, you have $8 for that month.But.... if you factor in closing costs, make ready costs, leasing costs, repairs... it's typically years out until TRUE cash flow, with a value add or a turnkey (unless you absolutely knock it out of the park with a BRRRR and then somehow cash flow after the refi, which I guess is possible but very unlikely.)

Quote from @Basit Siddiqi: I personally would not buy real estate with a retirement account.There are just too many headaches that are not worth the potential increased return.Some headaches when it comes to investing in real estate with a retirement account1) LTV values are less and harder to find lenders.2) Potential to sell or partially distibute the property if you have to do a RMD(Required Minimum Distribution)3) If you run out of cash and have to make a major repair, you may be out of luck and have to sell.4) Having to potentially worry about UBTI(Unrelated Business Taxable Income)I would personally invest in stocks/bonds/notes with a retirement account.I buy deals with cash and use a ROTH SDIRA so there are no RMD's.I buy at huge discounts to retail.