The vast majority of the properties go under contract before the rehab is done, however, the investor doesn't close until the rehab is done, an inspection completed and a tenant in place.

What if decides to go after it on his own and cut me out completely?  

(We are keeping the 40k in a completely separate bank account) My questions for local NOLA area BP users:What areas would you recommend for a first time flipper?

To avoid this conflict of interest, you must keep your activities as an agent and your activities as a wholesaler completely separate.  

I own 4 rentals and I have 3 flips going currently (1 I just started, 1 almost complete, 1 listed for sale).I am looking into commercial properties as my next step.

This seems minor, but it makes a big difference if a buyer is trying to claim equitable interest if they stop paying rent and don't want to be evicted (their attorney will try to find any and every loophole).2.

Hi BiggerPockets,My name is Antione and I'm completely new to Real Estate investing.

I also completed my pre-license course of October of 2015.

All of that is completely negotiable.Andrew

There was a completely renovated duplex near there aa couple months back that sat on the market for quite awhile.