I guess the proxy might be what the person is paying now provided this isn't their first. 

Even under this scenario, with a 50/50 split, you will not be getting paid for doing all the work.Another option would be for you to put in 50% of the purchase price using an LLC that you own 100%, borrow the remaining 50% from your investor as a 2nd position loan at a fair interest rate with points, and borrow the rehab under your personal guarantee.Better, if you can find a lender who will lend to a newbie, and they are out there, you could borrow the purchase money using some of your cash as a down payment, as well as all the rehab funds using a construction loan.

In my case, I will be making a personal offer from myself, but the financing will come from my LLC.

I personally never want to own a property where I know I will get a fight. 

For all loans, amongst other things, I have a recorded Mortgage/Deed of Trust, Promissory Note, and Personal Guarantee in place.Yesterday, out of nowhere, my bank reached out to me and asked me if my business was regulated. 

@Agustin SilveyraI personally flip in the C and B class neighborhoods.

Just a tip: make sure you go into it with an experienced brokerage who really know their way around.I’ve personally been helping international investors get into the Dubai scene and work with experienced local companies that handle everything from start to finish. 

Have lawn person to do it.

Also, while you might get some tourists who want tranquility, you will most likely miss all the digital nomads and remote workers, who want to be where the action is.On a more personal note, I think that place is boring.

I understand that I should have a separate bank account from my personal checking/savings, but based on my research, this first deal won't necessarily provide cashflow with me living in one of the units (it will when I move out).