My advice (based on my own personal experience with investing in the Columbus, Ohio market) is to secure the asset even if it's not bringing in as much as you desire (within your finanial means of course) because today is the cheapest that property will ever be. 

2) As a partial year resident, do I just include the resident portion of taxable income in the base, rather than use the non-resident worksheet? 

Hey Cédric, fellow Californian here up north of you on the Central Coast.I invest primarily in Detroit (12-doors there), but I'm also building an ADU here at my primary.You can definitely still do BRRRR deals in Detroit in today's environment but you have to be careful of the team you're working with.There's a lot happening in the Detroit market in terms of investment and revitalization.

Trying to find my way around the websiteI can see that this site is primarily in the USA.

Questions I'd have if I were in your shoes would be based around how the CAM expenses, management, taxes etc are going to work. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

Having a good partner with good communication will be key if you want to get started sooner than later.  

Based on the above projections I receive, I then "run the numbers" to see where I project to end up each month. 

The profit should be split based upon whatever agreement the two of you come up with.It would be unfair for you to put in the majority of sweat equity as well as the training involved to have a 50% profit split.

payment based on performance?