I have applied the majority of what you wrote due to the trial and errors I've had in the past.  

The key for me has been (through trial and error unfortunately) finding 2 good contractors who I can be almost entirely hands off with and leveraging some basic technology so I focus most of my time and attention on finding deals.I've found that in order to do a decent volume of houses the vast majority of my time and attention needs to be on finding good deals, since that's the hardest part of this.Having really solid contractors who can make some minor paint/tile/house layout decisions and do a decent job with it has been crucial.Also- leveraging basic technology- for example I have a part time employee I pay to go around to all my rehabs once per week to take 5-10 minute videos and upload them to my google drive.

The structure I used originally was a simple 50/50 split of the profits, but there are endless variations.  

If your property has the same features (bedrooms, bathrooms, etc.) as the comps in the same neighborhood, a variation of square footage doesn't have to be a deal killer - depends on where the square footage is "missing".  

Trial and error.  

Hi BP Real Estate Agents,I'm looking forward to joining your ranks, and I have spent about 30 minutes searching different variations of "real estate licensing course REVIEWS in Michigan". 

They built their business through trial and error. 

Trial and error was the best thing for me, however, it got frustrating after while and I finally reached out to my local Real Estate Investor Club.

Its either trial and error for free your way to the top, or split a profit with a mentor and get to the top faster.

Either from hiring a pro to teach you or through trial and error.