I worked two days and had two rooms looking,  well, the home sold and I received a bonus...I am working on my own flips to gain capital for rentals. 

It was great to meet others and I gained some valuable information. 

This way I can obtain rental income off of them and then ultimately sell at long term capital gains. 

Even if there were no chance of a deal, this is experience and education building.If there's an opportunity with nothing to lose and something to gain, take it!

I have seen others become a hard money lender and lend private money they gain access too, cut the investment performance aspect out of your payday.... make that someone else's responsibility.

Not only because you gain a greater appreciation for it, but also because if it gets messed up again, you already know what to do.As far as wholesaling definitely check out the section for it or use the search bar.

I think San Diego is probably one of the harder areas to make positive cash flow on most properties, but the gain in equity is probably one of the highest. 

Why don't you wait until you gain some traction in real estate?

I'm waiting to hear back from a real estate lawyer, but the way it was explained to me, is that this is essentially party of the selling price ($150k), but the deal is structured to reduce the state transfer taxes based on the $135k sale price, defer capital gains income into the next year for the seller (frankly, I think the 15k would not be capital gains, but I'm not sure), and reduce our monthly mortgage payments over the year.  

Your CPA can direct you on how to add your friend as a member and in what form so as to not trigger a gain recognition and satisfy their desire for ownership/cashflow.