. $20,000 profit after realtor commission.

Made a decent profit for my first experience Lessons learned?

If it's a good rental and you don't need to sell, sit tight but if you can sell at a profit and reinvest into a better property I would suggest that. 

Then you 2 would agree on how you would split the profits once the property is generating cash flow and the original equity is returned.

When you go to sell, you're subject to tax on the amount of profit between your adjusted basis and sale price, not your purchase vs sale price.Recapture is not repaying the depreciation.

What would you consider a good minimum profit margin?

Start small, ensure your numbers (purchase + rehab + holding + selling costs) leave room for profit, and build a reliable team (contractor, agent, lender).For financing, work with lenders who specialize in fix-and-flips. 

With my strategy I have already surpassed a big companies net profit for my client since October.

I am trying to purchase a mobile home park that is already in a system of Mobile home parks that profit 87 percent for the last 15 years.

this is a direct relation to lack of inventory.. new construction on many markets is as robust as its ever been.. we have had spectacular years the last 3 years of course during covid was tough with supply chains but my 500k house I am now selling for 700k and my build cost have gone up by maybe 100k.. so record profits for us..