Has anyone else noticed that it seems that the people who have the least understanding of money, investing, and profit and loss are bankers???

@David Ruiz You can decide to split the profits however you want.

The Property Management amount is a Guaranteed Payment and is reported on line 4 or line 14 of that specific partner's K-1 with a notation of "A" as the payment type.All other profits and losses for that partner (and any others) get reported on line 2.Do not 1099 the partner.

Cracks on drywall can be indicative of larger issue, but not always. 

Have a plot of land that has a house on it, around 800k range, but would want to tear it down and build a new construction to make a few hundred K profit (as many do in this suburb).

So you can start with a dup, or quad, or even a larger property - as long as you educate yourself first and take action!

You could likely find good ones by talking to some of the other larger investors in your area.

Still, I am not an expert in any of this.The key issue you brought up is how to get the profits / cash flow / money into your hands to pay the bills. 

My Investors are open to the down payment price and splitting profits 50/50 (Overtime for equity gain as well as monthly cash flow).As this will be my first investment property I am buying.Also, I have means of financing.

I profit a little over 3k a month after all the bills for the three houses are paid.