Also the strategy you are implementing plays a huge part with how to proceed. 

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

Basically, flip partnerships suck unless you spend a long time being clear about the roles and payouts, etc.

Quote from @Jason Burkart: Quote from @Linda Weygant: A few issues come into play on this.1. 

Make sure you have roles and responsibilities set up.

I currently live and invest in the area and know my market but many of out of state investors get taken advantage of if there don't play an active role Detroit.

Role-playing.     . you paid $300k 10 years ago, it’s worth $660k, (so when you sell you net $600k to make math easy.)and your cpa determined that you owned zero land, so it’s all depreciatable. you owe 15% on the $300k gain plus 25% tax on $109k depreciation recapture, so you owe $70k in federal taxes, then California reaches out for another $30k?  

It's too important of a role to be done by a moonlighter whose business doesn't rise and fall on it.- Understand what you value . . . do you want to have a phone call from the PM every Friday? 

Rate and price play a big role in BRRRR.

The specific assistance organization, the screening of the tenant, the property, and the PM company that should be communicating with the tenant all play a role in the success of your investment in regards to tenants.