It is a bonus. 

New Reno with little cap ex exposure. 

This is the crux of my concern, and I already do the grouping with marginal tenants, if nothing else to create perceived demand for the strong candidates.I guess I just don't want to subject my current tenants to additional exposure since I know this guy is already a "no go" in my book. 

I’ve paid off all credit card debt, saving all my bonuses and as much as I can from my paychecks, so I want to make something haI’m hoping to use a FHA loan to finance.I need some advice!

There are different skill sets for each area, as well as differing levels of financial exposure, time investment, and business skills. 

With multiple units, your risk exposure increases so for commercial properties is where you would want a LLC.As far as the accounting, you are going to need somebody to teach/show you how to file your SchE for federal purposes and however its handled for your State taxes. 

I would like to pay them a preferred interest rate on their money and a small bonus ($1000-$5000) at the end of the flip based on what they put in.  

If I improve the quality of the unit and do cost segregation for bonus depreciation upon purchase, I gain the benefit of the larger tax write off in the short term and still pay no cap gain taxes upon sale at the end of the 5 years.

Anything above and beyond, that may come from raised rents, I would like to look at as a bonus. 

While many here are experienced investors and probably know a lot of this I am hoping some of this basic information will help new investors get off to a better start when seeking funding.Personal Information Always have ready- last NOA showing no taxes owed, if using commission, bonus, overtime income, or are business for self 2 years NOA so an average can be used.Collections should be paid off, if a previous bankruptcy occured have your paperwork ready.Credit utilizations plays a major role in your credit score and your ability to get funded.