I forgot to mention about Legal Shield, if you need work they cannot do for you then they will recommend a local attorney to you and you will receive a 25% discount because of your membership.  

I'm happy there's actually a site like this and can't wait to get active!

The plan is to use a HELOC, then do all the BRRRing, which should leave 20% of the ARV tied up in equity (the downpayment I mentioned saving for), and the rest goes back to pay off the HELOC.

Being a real estate agent is not something you can approach casually and hope to start receiving "capital" if you actually want to make money you have to go balls to the wall and create a full blown business (which is what I'm doing right now, actually still waiting to take my RE test, this is just what I've observed).

Example 2:On my most recent rehab- I made the seller two offers: one at 21k and the other purchase at 25k if he was willing to hold mortgage and wait 6-9 months to get paid.

Currently I am waiting on my first house to close.

I would be more than willing to help minimize your learning curve if you like, so you don't keep your friend waiting too long!  

As @John Casmon mentioned, make sure you structure the partnership correctly and that both of you are very clear about how everything will work.  

You mentioned meet ups.

It just makes sense to me what Curt Davis mentioned.