That will involve settling on your plan for renovating.

Time Commitment - Basically if one of you spend more time on the project than the other they should be compensated for that time.

While I don't believe that you need a full blown business plan, strict operational budget, timeline, scrum board, etc...

A good tax accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in business taxation, financial planning and tax planning.I would also recommend looking for a accountant willing to work with you throughout the year.

If I'm spending 500k... my profit should be higher? 

Hey Jacob, do you plan on expanding the portfolio?

Our portfolio currently cash flows, but cash flow isn’t our top priority right now since we plan to use this portfolio to supplement our retirement in 12 years when I leave the Army.My biggest challenge is committing to an out-of-state market.

Quote from @Patrick McCann: Hi Justin, I'm also a househacker in NH currently living in my duplex in Dover, NH with plans to search for my next one in the near future.

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.

However, if you’re not ready to jump in yet, you could spend the next couple of years building your savings and learning more about real estate to feel more confident when the time comes.