It saved my quite a bit on interest costs.

We're looking to gather info about likely cost, pitfalls, time required, considerations when obtaining financing, etc. 

You need a reserve to handle unexpected costs, particularly during the first 1-2 years of ownership and learning how to manage the property. 

Would you mind sharing the cost?

Renting to Section 8 Long-Term TenantPurchase Price = $237,000Renovation Cost =$8,950Appraised Value = $310,000Monthly Rental To Section 8 Tenant = $3,215Monthly Mortgage Payment = $1,890Monthly Reserve for Maintenance and CapEx = $200Monthly Cash-flow = $1,125Another investment property was closed and added to my rental portfolio.

I did not see marketing costs, nights that you need to spend at networking meetings paying for dinners or memberships.

I personally made these repairs at a total cost to me for $150.

And then also do you typically repay each partner their upfront costs from the profits before then distributing profits?

Taxes, costs, eviction complexity, etc are going to be a much bigger factor in your success than anything else.

The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV.  40k projected profit on a 600k project is too skinny for me.