I bought the property on a fire sale and have a partnership with my GC.

Assuming things don't crash and burn in the coming months I am planning on partnering with a real estate agent on a couple of flips and I am a licensed contractor and I am trying to structure our partnership fairly.

I’m hesitate to pull the trigger because I’ll only save about $200 per month on my mortgage payment.

That is the vehicle most commonly used to establish and enforce the operating rules of any sort of partnership.

If it recovers a little more, so I'm not pulling out near the bottom of the market, I may pull the trigger.  

Formed a few loose partnerships to infuse cash as draws came due but all very profitable.2008-2009 we just kept buying, mainly foreclosures/tax lien auction opportunities, regardless of condition.

Then, you can get into partnerships and buy the best deals with other people's money, and get 50% of the deal with none of your money invested.

Also will I trigger an audit on myself?

The depreciation is taken at the syndication level - generally a partnership, so if it is rental real estate, your K-1 will show an  amount in box 2 - net rental real estate income (loss).

If you double the number of units you own each year it would look something like this:Year 1: 1 Unit - $2,400/yrYear 2: 2 Units - $4,800/yrYear 3: 4 Units - $9,600/yrYear 4: 8 Units - $19,200/yrYear 5: 16 Units: $28,800/yrAnd so on...Building a real estate income of $5,000+/month is certainly possible within five years but would most likely take a good amount of capital (or some great partnerships) to achieve.