It's better to bring on a financial partner/friend/family member.Consider compensating for you lack of money by building up your investment team.

On the flip side you most likely would like to compensate them in form of $$$ or even listing you flip property with him/her once its completed.As far as you first question I don't have to much experience in that realm but from what I have read you would want to use the ARV ( After Repair Value Formula) do quick search for that and you will no doubt find an abundance of info on that subject...

And so on.Semi-rough neighborhoods aren't fun to manage but you are making really good cash-flow as compensation, right?

And that skill and experience is certainly worth the extra money the CPA (and the real estate agent) are getting paid to deal with the higher-priced clients.Agent who typically list and sell $800K houses are generally much more experienced and skilled than agents who list and sell $200K houses in the same area -- as such, they deserve to be compensated more highly (in my opinion).

Is this partner compensated for management?

Examples include:1) Liability - is your a tenant a license professional with liability/E&O insurance and workman compensation coverage?  

Much more important is a general liability insurance, worker's compensation coverage, and a rock solid contract reviewed by your attorney.

Because of this our realtors and their brokers have been well compensated for not having to do much.  

If you find a good one, keep them and make sure you compensate them well to show your appreciation.

The GC has the appropriate General and Auto Liability coverage, and the subs have the same in addition to Workers' Compensation for their employees.