@William GunlogsonIf you have the time and effort to put into rehabbing and increasing the value, doing a cash out refinance based on ARV is a great way to keep money in your pocket for more investments. 

When he called you flipping out, you instead should have sternly defended the fact he failed to execute and you have proof, that you exhausted efforts to reach him.

The articles and forums here gave me the confidence to start buying properties, and it's been a great experience, with some good deals, a few mistakes, consistent cash flow, and plenty of interesting stories.It's a lot of effort to complete each deal, even the small ones.  

Cash is king so at some point in time you would be wise to turn your profits into cash ready to reuse in another profit making deal.These are some of the basic things needed in analysing a deal to determine if it is worth the effort, risk and time involved.Happy investing!

See SEC v Howey:A security is defined asinvestment of money due toan expectation of profits arising froma common enterprisewhich depends solely on the efforts of a promoter or third partyTo me the dispositive issue here is the last prong. 

The average tyro wants quick, easy money, they want a profession right now without effort or taking time to learn. 

Have your marketing efforts produced results?

I think you can find better deals then that if you are willing to put more effort in it.. 

Rehabber fixes it up, sells and profits for his efforts.

Issue is, it's so much effort to coordinate on that many properties.