Other than our 1 SFR, this is our first multi, full rehab experience.  

In addition, some loans can have 5 or 10 year terms or not be fixed rate so if rates rise or you need to refi at the wrong time, sorry you lose.7) Overpaying - If you buy a property at too high a price you can cash flow but still lose because when you exit or try and refi you will pay around 5% in many cases to get in and out plus maybe not get your full purchase price out.8) Construction/contractor issues - contractors who take your money, do a poor job, take away too long etc. can cause major losses.9) Buying in the wrong area - If your B area turns into a C or a D the equity values will plummet as will your tenant base .

I don't, so I'm looking to build a partnership that is a good deal for my partner and allows me to eventually take full ownership within 2 years' time.Here's what I'd like to know:1.

When you sell a rental property at some point in the future (at least a year out), this is not viewed as a flip transaction, but rather just a reallocation of the IRA from holding passive real estate to holding cash.Your example of buy, fix, rent for 3 months, then sell would likely be viewed as a flip, especially if you repeated this pattern with multiple properties.The IRS does not define a "flip" in clear terms, but has a full set of measures they would apply to real estate transactions to determine whether something is a passive investment or a trade or business activity similar to competing commercial enterprises.  

I have a rental property that has been paid in full and I want to try the BRRRR strategy..

Another issue, if you know, has the owner pay the gc in Full for the work contracted by the GC?

The Bigger Pockets book store if full of great books: https://www.biggerpockets.com/store

Also, are you working full-time?

I listened to almost all podcasts and they definitely add a lot of flavor to the subject and are full of great but most of all actionable information. 

FYI, to properly tag someone you have to select the name as it appears once you start typing @ and their name...So for example type "@Lucas" and then my full name should appear - click that and it will tag me.