I have had this burning desire for a couple years to start back flipping homes and then would like to rent for positive income to fund my flips.

There are a ton of ways you can start off as a budding investor, like partnering with someone more experienced, bird-dogging for an established investor and providing sweat equity, because at this point in your career that's your main advantage, plus knowledge of social media etc.

Keep pulling out equity as it grows so as not to reduce your cash flow from the property.

I already own my own home but not enough equity in it.To answer your question Iknow I can and I will eventually own my goal of fifty units just need to get first one under my belt.

how is equity split?

What I mean is if I get the seller to take an unsecured note (with a better interest rate to compensate him on additional risk), will that debt be counted as part of the "loan" in an LTV assessment if I try to get the property refinanced in a year (essentially will that note amount become instant equity for me which I can play with?).

Based on the numbers I see, it looks like I would only build equity.

The few I was involved in were(A) 50/50 equity split where the investor brought all or a majority of the money and the equity was split at the end amongst us.

In this position, I think the best course of action is to seek out tenants that can sign annual leases.  

I am currently renting now, but will be in quite a good position to buy something when we move (likely somewhere in the Midwest).