I know cash is "king", but for me I would be the option #2.

They all have there unique challenges but using a PMS from the start was a good option for us.

It does a good job of teaching the basics of flipping, and with the discord group and coaching can help give the motivation to get off the sideline and into investing.You can use resources like Bigger Pockets for free, or Bigger Pockets Pro for much less than Jake’s course, but the reality for me is I never would have taken the first step.

Even under this scenario, with a 50/50 split, you will not be getting paid for doing all the work.Another option would be for you to put in 50% of the purchase price using an LLC that you own 100%, borrow the remaining 50% from your investor as a 2nd position loan at a fair interest rate with points, and borrow the rehab under your personal guarantee.Better, if you can find a lender who will lend to a newbie, and they are out there, you could borrow the purchase money using some of your cash as a down payment, as well as all the rehab funds using a construction loan.

I suggest you consider the out of pocket capital you may need to improve the second floor unit that is already existing and rentable.  

To get to the bottom of it, I found a cute community in Princeton Dallas and I need your guys' advices to confirm if im on the right track and if this small town is indeed a great option for a starting investor and has a great potential in rental cash flow and home appreciation.

It works over time, but the problem I see there is that you are consuming junk as well as having to make decisions on what is actually valuable information.There are plenty of opinions on how to do such on Bigger Pockets, but a lot of those opinions are misguided or wouldn't apply to you.You can do joint ventures with successful investors.

Welcome to Bigger Pockets.

Lending could be an option but with interest rates high 7, I am looking for other creative options.

@David PereiraBuying a property with all cash can bring a lot of perks, like more money in your pocket, no need to pay interest, a better chance to win in bids, easy process, and peace of mind.