I’m in the process to purchase my first flip house and I want to ask for guidance on how to setup a business or required agreements that are needed for distributed profits.I am the investor for the property, then I have an agent (flip hunter) and a contractor.  

Currently working with an investor/contractor on rehabbing an old historical building into micro units.

Your employer also probably has an extensive list of contractors they use for certain jobs. 

Some contractors will allow you to finance your renovation projects through them.3.

Hello, I am about to form an LLC with my friend who has his own contractors business, and I am a real estate agent. 

That is a question for a contractor to actually look at the chimney and see what condition it is in and whether the house is stable enough for it to be removed.

The answer becomes more SFRs, but this can instead of solving the issue, exacerbate it, leading to so-so communication.Thus, I think that most TK guys and gals are good people who try, but there are structural deficiencies that are almost impossible to overcome within the model itself.As you know, when we buy apartments, property management, contractor budgets, and pay roll are all included into the model.

One contractor said that price was way outrageously low

For example:  In a case where a client had a bunch of rentals in an IRA-owned trust, the IRS contacted the trustee, property manager, and some of the contractors and inquired as to both what they did with the properties, as well as what the IRA owner did. 

Before crunching the numbers more or even thinking of making an offer, I have a few concerns:  I'm in Austin, that means building a network of contractors, agents, etc. in Dallas that I don't haveI'm busy at work, and am not a full time investor, is it possible to be "hands-off" and still be successful on a first rental like the one I'm considering?