The challenge is to see how long you can keep the game going. 

I am taking very general approach to come up with that number.  10k cap for state and local tax.

If you are serious about buying you need to either change our approach or change your expectations.

Some people disagree with this approach, especially if cash flow is the priority.

I was hoping that if I put some numbers up for everyone to look at on this deal, maybe you could help me with some insight on whether or not I am approaching the BRRRR strategy correctly. 

These aren't issues that are specific to flipping and should be a primary focus for any real estate investment - The bottom line is that you made a profit despite the challenges you faced - and congratulations for that - but it seems to the bystander that you gambled with another investor's money while investing very little of your own - you put yourself in the position of a teacher or mentor when in fact you are not extremely experienced in the business of flipping - consider how you would feel if you lost a portion of your partner's investment....Today I am closing on the purchase of my 15th flip for the year, and I wouldn't dream of taking on an investment partner who wasn't equally experienced and had an equal say in the decision process.Good Luck with your future projects and Happy Investingjeff 

I've found it's a bit of a challenge getting terms I can qualify for here in LA. 

However, in perfect timing,  my RE business has recently taken an unplanned (but very welcomed) turn as I have had 3 different investors approach me within the past month to assist on their investment search! 

For my first time, it may not be wise for me to take on such a challenge just yet.

When you become a landlord it become challenging when you start having to deal with humanity...especially when it's a different lifestyle than you are accustom to.