There is so much information that it's difficult to determine what is important to remember and what is not.

There is so much information here its astonishing. 

I know as far as any real estate transactions if licensed you must legally go through your broker any help with this please and thanks/ would like to do everything right and correct

We're looking at local projects and the margin is so shallow I can see the silt. 

Here's your best piece of advise, there is so much info in books and FREE seminars and podcasts Dont spend money on so called guru investors classes.Good luck 

Lastly, look at unit mix since the rent rate is so low it makes me think its poor.  

I keep plugging the numbers and it is a blood bath.. it is so wrong, that I am thinking that I am doing something really wrong.

I do not really see a question here, but as far as I can tell you need to get a CPA that has lots of experience with 1031 exchanges.

Carpet I can go cheap with a rental but get a good pad.as far as tile I would not  go cheap just me.

Brandon, I would have 2 businesses, the properties you hold are yours, you have had them for a while, keep the flip a separate business with your partner. nothing wrong with a 50/50 deal, i am just starting a flip like that, i partnered with my Realtor/ PM, i am the money and she is taking care of the rehab. the property is 3 hours away from me and i will maybe go out there once or twice a month. i have no problem splitting the profit with her. and as far as the assistant, you may find that the flips will take up more of her time, you may want to come to an agreement as to her time allocated to each business. that will be the toughest part, she will be swamped with things to do that adding her to keep track of her time of what she is doing for both business is asking a lot of her. if you find a way to do that, great, if not maybe an agreement that the flip will pay say 30 hrs of her time where your holds will get billed 10 hrs or whatever.