The biggest thing for me now is money, which as I said above I’m knocking off debts and saving to invest, but it seems like I’ll never get there because of some bad decisions I made when I was younger to dive me deep into debt, along with having no college education, leaving me to not really able to get a job that pays anymore than 18-20 an hour.

He is hooked on Kratom and now his decisions are damaging my property. 

The trick is to be honest with yourself and to make the decision based on a thorough understanding of what is required and what you are capable of.

Long story short, my wife and I made a very poor decision going into real estate/landlording with my sister in law and we want out.

Ask for their feedback on what it would likely take for you to get a loan on those sample properties.Remember that unless you're paying cash, the real decision maker on deals is the lender.

Include how much money is being invested by your friend (downpayment and the fix & flip costs) who will be managing the project, who will be making key decisions, who is doing each segment of the renovations and spell out specifically all the costs for the flip - including: Money for renovations, taxes, insurance, and loan payments while they own the house, utilities, marketing the property for sale & the agent’s commission - if using a R.E. agent.

I would look long term to make my decision. 

The key is to find good investments (not scams) that don't require your direct involvement to be successful (other than certain managerial or decision-making input).

You will have to make the decision if you want a portfolio loan or each individual property loan.

Although, agents will claim that they have worked with investors, how do you really know which ones have the capability to guide you in making the right decision when purchasing your investment property?