It was almost difficult to NOT make a profit 

And then take those profits to some day buy a multi unit complexBit even then seeing cap rates of even 20% just seem like so little money for so much bother But I guess we each pick our own poison lol

You'd probably be better off helping your mom sell the house, avoiding capital gains, splitting the profit with her then using that money towards a down payment for the next property. 

Wow 5.65 is pretty high dude, but as long as the property profits it’s kind of irrelevant.

People tell me you need to buy properties in really bad shape to flip profitable.

There's a greater chance of higher returns, as these funds have overhead costs that need to be paid first then remaining profits distributed.   

I have done lots of owner finance deals in the past just paying a preferred interest rate, but have been hesitant to take on partners that share in the profits.  

Even if the heavens align and you pull it off where everyone is paid and you make a tiny profit they will expect it again the next time over and over.

It only matters that you buy it at a price that allows you to fix the foundation, take the stigma hit on the ARV, and still make a profit. 

He has no idea what he is doing, he has no experience and no capital - but he expects to make a fat profit on his first deal.