If you are just starting to climb the real estate investment ladder, the tendency is to go after the smaller deals first with hopes of building up confidence and your bankroll for your third or fourth project...so keep that third or fourth project in mind right now and get a larger than needed LOC. 3.

Live in is a good strategy especially if you will live there for 2 years or longer (section 121 of the Tax code) you will not pay tax on gains up to $250K single or $500K married, keeping that in mind markets change, so consider where we are and where you think you will be 2 years from now. also consider if you are there less than 2 years the gains are taxable at a very high rate about 1/3 or more of net profit for most people.

This means that not only does it need to be a profitable deal, but one meeting guidelines that give us confidence that a rehab can be completed not just quickly but properly and that the property can be listed and sold within the time frame of the loan.

CapEx; This also is a reserve to cover larger repair replacement issues. 

Trust me, investing profitably ain't as easy as it seems on the HGTV shows. 

Usually, you will offer a preferred return and a profit split.

You are on the right track searching for a commercial policy since the property is larger than a 4 unit. 

When trying to send money for a non-profit to Germany, the money was stopped, he was questioned thoroughly about the origin of the funds.

What is a fair way to split profits on this transaction?

You could also set a minimum profit for yourself.