In RE we have value buys and every city across the US is always in a different status   Why not take profits from one area and push to another to achieve a profit?  

You can back into the seller financing number if you know how much your target profit is.

You say you sold it for a nice profit.

What I can tell you, as a startup, with few properties, the tax return alone can eat up most of, or all and then some, of your profits.  

@Matthew Whelan  Two way (50/50) Flip- Partner 1 provides all capital for buying/rehabbing at prime + 5 (say 9% flat, no points)- Partner 2 does everything else, identifies property, manages rehab, flips property- After project done each partner gets 50% of profit

This is  pretty spot on,  Its also  safe to say that town  off the speedline like  Audobon, Collingswood  and all of the Haddons were  mostly built in the early  1900's  similar to Philadelphia so even with a  rehab  I would  higher the  cost of  repairs  withholdings  close  to  8 to 10% and  youll have  the majority with Knob and Tube!  

We just released our annual short-term rental report, and PCB is the most profitable area in the U.S. to invest in a vacation home.

All major cities in Texas see highest appreciation ever in last few years... still prices are very low compare to coasts.

I understand there could be more here that I'm not seeing, but no major fixes popped out at me.Thanks for the insight!

It was a mistake to rent to your friends, but you probably have or currently are learning this now.Unless your properties are held in a 501(c)3, your real estate investing is a for profit business.