Most of my clients have both long term and short term - the profit is higher on the short term but less work required on the long term.

It might not be as profitable at your originals numbers but you can change your purchase price to make it work.  

May be a stretch of a question, but, if an SDIRA is used, are you barred from personally collecting cash flow that the rentals kick off (meaning, does 100% of ALL revenue/profit have to go back into the IRA)?

When we go sell house number 1 we would split the profit 50/50.

That's awesome that you were able to flip a property and make a great profit!!!

If I can buy 5 rentals on my own at $400 profit each, or 10 together at $200 profit each after split, I don't see the point in partnering if the income will be the same either way.

What did you end up spending on rehab, holding and borrowing costs and overall profit if you don't mind sharing?

Basically, each of you will have an independent calculation of your profit on your respective half-interest.

As far as the condo goes, the market is so wild right now, and the inventory so low in the bay area you can probably sell your condo now for a profit, despite the upcoming repairs.

Also, as @Caleb Heimsoth mentioned, flipping takes a lot of time and great management to make a nice profit.