I would like to know more, or determine if its all hype?

Your partner deferring payment until the prop sells is perfectly fine and makes sense to mitigate the risk of running out of money (which would necessitate borrowing from a party that is not disqualified, or selling project "as is", likely at a loss).If you had personal cash, you could also partner with your IRA on the front end of the deal (take title in both names), at a predefined % split.Be aware that flipping profits in IRA accounts are potentially subject to the stiff UBIT tax, based on "intent" to flip, which would be determined by the facts of a given case, as well as pattern of activity.

OTOH, if you're determined to live the high life in LA or NYC, you need more income.

I feel like it would be way easier to more accuratley determine fair market value of homes, avg rent in the area, etc...with a realtor.

You alone must determine the paths and rewards you desire.Early in both of my mentor’s real estate careers, they chose to invest in residential rental properties.They expressed to major pitfalls; 1) too much reliance on a single target market, and 2) not fully considering all the associated costs prior to making an offer and ownership.Example of a single market; dependency on military tenants/buyers.

With legal advice from an attorney, and not from a real estate agent, you may determine what works best for you within the laws of your state and the U.S. laws.

I would say area location and demographic is going to determine the market.

If you want to leave an agent out of it for now there's still lots you can do.a) Research the MLS to determine prices.b) Drive around the neighborhoods/zip codes you want to invest in to really get to know the area.c) Even better, park the car and walk the neighborhood.

Actually, we've an investor group (they receive an ownership percentage) and these are entirely cash purchases.

I am a very motivated and determined individual and ready to learn!