But if the upside is an extra 30k in NOI, I'm not willing to pay for 80% of that, leaving myself with only 20% for me to profit on.

I feel like this should be a basic question but it's hard to find a definitive answer to.We'll be splitting the cost, labor and profit 50/50 but have no entity setup at this point.1.

I use a separate bank account for each property, so my bank statements become my profit and loss documents.

you have to be positive that the numbers will yield profit for all involved parties. if you aren't sure of the exit strategy or how you will secure funds then you still have a far way to go. do you have cash buyers with verifiable proof of funds lined up?

Done several dozens flips, and owned a 4-plex that was purchased for $68,000, cashflowed almost $2,400 per month, and sold for a $100,000 profit less than 3 years later.

I think I have got enough knowledge and capital to buy my first SFH or duplex rental property, but my wife thinks buying rental properties is gambling.

The organization is (as best I can tell ) a non-profit run by lawyers that sue insurance companies so they are biased to the homeowner, which for you is good.https://www.uphelp.org/blog/north-bay-fires-insura...2.

That is exactly what I see, buying condos from a wholeseller seems like a real gamble.

They tend to care more about an A plus location then the cost per sq ft in rent as they believe the location will drive higher sales.Regional to mom and pop tenants are more sensitive to being in a high end area but not the most expensive center or corner where they feel they have to drive very high sales to have a chance of being profitable.

(I assume this would be another loan, which would be pointless to borrow against your own profits, basically depreciating the appreciated profits by borrowing against it).