If you want it can have several options based on different scenarios.

The owner-occupied portion makes things difficult, what options do I have? 

I purchased the home from an auction.Talk to a local real estate attorney to go over options (eviction, cash for keys, etc) 

Forming some relationships for when you need to take a step back will at least let you feel like you have options, even if you never use them.  

He sure needs it.One option is to get family contact info and keep calling once you have it.   

They all have there unique challenges but using a PMS from the start was a good option for us.

Even under this scenario, with a 50/50 split, you will not be getting paid for doing all the work.Another option would be for you to put in 50% of the purchase price using an LLC that you own 100%, borrow the remaining 50% from your investor as a 2nd position loan at a fair interest rate with points, and borrow the rehab under your personal guarantee.Better, if you can find a lender who will lend to a newbie, and they are out there, you could borrow the purchase money using some of your cash as a down payment, as well as all the rehab funds using a construction loan.

To get to the bottom of it, I found a cute community in Princeton Dallas and I need your guys' advices to confirm if im on the right track and if this small town is indeed a great option for a starting investor and has a great potential in rental cash flow and home appreciation.

It’s close to beaches and has a mix of residential options, which could be great for flipping.33401 (West Palm Beach) - This area is in the heart of West Palm Beach and has a mix of old and new properties, many of which could benefit from updates.

Lending could be an option but with interest rates high 7, I am looking for other creative options.