But you will have other expenses too: insurance, property taxes, maybe some of the utilities or HOA fees (I am assuming you are paying cash - if not, then a mortgage payment may eat up a lot of your profit).

If for some reason, more money was needed it would come out of my profit and be my responsibility. 

Know your market and target re-list (sales) price and ensure you don't go overbudget so that you have some profit in the end!

We also will have around 7 more SFR's within the next 8-10 years that will not require any out of pocket funds from us aside from legal fees to transfer ownership.I would like to begin focusing on flipping after summer of 2018 to build some larger cash reserves for purchasing more LTR's.

Was doing grunt work for an investor who ran a larger REIA from 2008-2012, and then left dfw for college. came back, decided to invest/wholesale full time, I only lasted 2 weeks in that market...IT IS SATURATEDI worked a NOD list and homeowners would say "you're the 5th person to knock on my door... today".There's deals in any market, it's just a matter of how many others you're competing with to find those deals.

General rule (for more reasons than one):Buy and hold rentals=LLC or hold in your personal nameFlipping=S-Corp (although this depends on some other factors as well such as your total profit and W-2 income) It may not be worth it depending on your situation.

Lenders are audited on a regular basis, and it's millions of dollars in fines if a lender turns appraisal fees into a profit center. 

Billings is ripe for making some profit in flipping right now! 

My question(s) is what are all the little things I should do in order to make it as easy as possible for my partner and I to get the deal, assuming the one we chose is a good one.Details: Flipusing partners cashusing partner work (contractor)I will help with workworking with my agent for buy and sellSomething my agent asked was whose name would offer be under, my or theirs and already discussed profit and work splits so that is not an issue. 

-how is 'profit/cash flow' defined?