I am about to purchase my second property to flip with a set of partners.  

Each car either had their own number or extension and if you closed the transaction on a lead from someone's car advertisement, you would give them a percentage or set dollar amount.  

Keep in mind though when you set a precedent it is hard to step back from it later on.

That's awesome that you have your goal set.  

The issue with land in general is its stark trickiness, there's no way to set a general rule of thumb as to what prices ought to be offered or what an approximate value would be, the reason?

If they are not happy with that there is nothing you can do to change it, it becomes set in stone, and the easiest thing to do is get rid of them.

I would just get the basics: sofa, coffee table, a set of pots and pans, dishes from a local discount store.  

Should I sit out of the RE market, hope I don't burn through my capital, waiting for the next downturn and set of opportunities then?

If you could Private Message me here and we could set up a time to talk, I would really, really appreciate it!

Is it set up like a traditional deal, just with the seller as the 'Bank', or are there other steps that need to be taken?