I appreciate any insights or personal experiences you can share.

I guess the proxy might be what the person is paying now provided this isn't their first. 

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.

In my case, I will be making a personal offer from myself, but the financing will come from my LLC.

Connect with a good maintenance person to have in case you eventually get that overflowing toilet call.

I personally never want to own a property where I know I will get a fight. 

For all loans, amongst other things, I have a recorded Mortgage/Deed of Trust, Promissory Note, and Personal Guarantee in place.Yesterday, out of nowhere, my bank reached out to me and asked me if my business was regulated. 

As an escrow person that appears to be a scam.

@Agustin SilveyraI personally flip in the C and B class neighborhoods.