I was thinking doing a promissory note which could work for now but eventually I would like to have more 'Funding partners' Also I'm thinking proposing they put 100% of the cash, I put knowledge and skills and my time I would not charge anything to list and market the property and we go 50/50 on the NET profit.

Overall dollar amount of profits will decrease but ROI will go up. 

I agree with Ben, it only matters how good the in put data is to provide you with an accurate estimation of costs and profits.

I have been in sales and marketing for almost 30 years. but I have a few major questions that might answer the question of why so many fail at it.1) Do you need a license in the state of California to close these transactions?

My goal is either to lower my interest rate which will help lower my mortgage payment which helps in increasing my monthly profits or pulling equity to make improvements to the rental and invest in other investment properties.

I want to know the financial ins and out on purchasing my first property as well as how to find the right home that will yield the biggest profit. 

However the strategy of creating a note just to turn around and sell it will not be a profitable one.

This can be anything from a 6 figure profit on a quick flip, to a $3 million property purchase using none of the buyers own money.  

I've met with a local investor and he's offered to cut me in on profits or pay me a finder's fee if I can bring him possible properties to flip.

If you have good relations with the neighboring property owners, ask them to let you know if it looks like demolition or removal of the major appliances belonging to the rental.