Also, I'd be curious to see the underwriting of how you calculated the $2800 figure.

Be calculated about it.  

Per this NY Times article, the average American knows around 600 people.https://www.nytimes.com/2013/02/19/science/the-average-american-knows-how-many-people.html#:~:text=The%20average%20American%20knows%20about,do%20you%20know%20named%20Kevin%3FPer the US Census Bureau, the average American moves 11.7 time in their life, which based upon an approximate lifespan of 84 years, works out to be about every 7 years.https://www.census.gov/topics/population/migration/guidance/calculating-migration-expectancy.html#:~:text=Using%202007%20ACS%20data%2C%20it,one%20move%20per%20single%20yearSo, if the average American knows 600 people and they each move about every 7 years, that means that the average American knows around 85 people that move in any given year.How many of those moves do you want to be involved in?

If they can agree on current value then equity calculation is easy.  

You can't calculate it like that because you are going to make about 20 percent of mistakes buying on your first 5-8 properties.

Welcome Scott,There's a ton of useful resources here on Bigger Pockets from calculators designed to show profit/loss to seasoned investors giving advice.

@christopher brown I am not the best at the depreciation calculations. 

To determine rehab costs, calculate the After Repair Value (ARV), total rehab costs, purchase price, and other expenses.

Upfront expenses and monthly payments must be considered when calculating the return on your investment.EXAMPLEYou cash out $100,000 of your equity and use this as a down payment on a $400,000 investment property.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.