Please leave full details on any recommendations.

If you're already eyeing a property, nail down the details of that property (deep financials, market opportunity, rental comps, sale comps if you're looking to sell in a few years).

I use the 50% as a guideline only...basically a sanity check on the more detailed numbers. 

Hello plz send me details

With a highly reputable and reliable offer will most flips be bought up and or margins shrink to points where you will not be able to compete?

Do I form a limited partnership with an agreement specifying these details?

He seems to know his stuff, has worked on boats all his life, was able to lay out for me in detail a couple options to redo my kitchen and bath cabinets for $12/hr and he'd use me or someone for grunt work.

What I would do is find a local developer that has a good reputation and/or doing lots of deals and reach out directly asking if they have any projects looking for investment.

I also thought about creating some kind of loan or rental agreement with the homeowner but didn't really look into the details of it yet.

If one were to tell me they had cancer I think I'd respond that 'I'm sorry to hear that' and wouldn't ask for further details or interact with them any differently.