many times when a trainer/guru refer to "no money down" they are referring to the art of wholesaling or seller financing(owner carries a note) or using private money(money from someone who is willing to invest in your deal) or doing a J/V(joint venture) where you find the deal, they fund it, you refinance it, then pay them off.  

Buyer’s inspector said there was a sag in the sewer line about half way to the street and implied that it needed to be replaced.

You imply it is on. 

I don't do it any more however I absolutely see the need in hiring a trainer.

The county says they do not bill for water service, which implies there's a well (and septic) but the county says they don't have any records prior to 1992 and they have no records (permits) for this property (after this time).

There are a lot of good podcasts and inexpensive trainers like Kevin Ward.

So lets say the money invested by the one partner is $40k The profit on the rehab sale is $100k Does each partner get $50k = a $10k profit for the investor or Does the investor get his $40k back and they split $60k Thanks How the split is done is between partners, but 50/50 implies splitting the profits.

After talking w/my RWN advisor when the 'assignment" to Autumn from Strategy Properties happened, he recommended a different property manager and implied that several RWN staff had moved their properties to them not Autumn. 

But, the reality is chances you aren't going to make it big...So, the OP asked a simple question with a bunch of "implied conditions..." 

Getting a realtor license is not a trade (this does not imply that no work is involved).