If you are going for the bigger multi unit, you have to find "value add" type of projects.

My partner and I work in commercial real estate development, but would like to branch out and execute our first fix and flip project.

The garage roof has reached the end of its useful life and needs to be stripped off and replaced by a licensed roofing contractor. 10.

. - stuff to help you in your rehab project.

Too much squeeze for too little juice, and you'd be very close to getting burned on the deal should you have an unforeseen major expense such as a nightmare tenant you'd have to evict and/or capex such as replacing the AC or roof. 

If the electrical panel is substandard (dangerous) and they are the one who hard wired an extension cord in the attic while cutting through a major purlin holding up the roof, and the garage door doesn't open due to damage (when they hit it with the car?)

I just listened to a Bigger Pockets podcast where the guest talked about a multi-unit property he purchased and projected $50,000 in renovations over the first 6 years.

Are the roofs, lawns, exteriors all well maintained?

Considering structuring a profit sharing model per project with a friend who is a general contractor.

I use HML for my rehab projects, and they finance 75% of the purchase price and 100% of the rehab, subject of course to ARV appraisal.