More common today then 18 months ago. 

A common thing I have run into is estimating repair values accurately.

If profit sharing and the concept of “a rising tide lifts all boats” makes sense to you, you’re in the right place.

I am really not sure, but I think it would be worth seeking legal council to avoid creating a bigger problem.I'm probably applying too much common sense and a moderate understanding of justice.

But since you are tenants in common right now you can separate or combine your interests as you want. 

@James ShortVery common scenario in Brooklyn/Queens.

If third party, typical management fee is 10% and leasing commissions range, but commonly 1 mo rent for new leases and 1/2 mo rent for renewals.  

This isn't common and not every title company will do it, or have let alone heard of this strategy.Here is another way:https://www.biggerpockets.com/...

Since we are a little tight on capital, we are hoping to leverage the equity from the first home into our next purchase, and so on and so forth from there as opportunities arise (target 5 in the next few years).

@Franky AikensThe problem with “wholesaling” as the term is now used (incorrectly, but that’s another story) is that people with no intent, ability or financial capacity to complete a transaction themselves try to disquisition that and lead the seller to believe that as long as the property appraises at the sale price and no major repair or title issues arise, that the sale will take place.