I then have two child LLCs - one of those child LLCs is in NJ - it's owned by my parent LLC and someone else's LLC as a partnership.

I would even consider that in partnership with an experienced flipper, me more being the investor and helper, but in San Diego county I can't see that happening@James Wise That's what I thought and i all the deals with older properties a few, sometime all of those items have not been replaced, mostly with the argument that they have 5 or 8 or 10 years left.

So has anyone ever done there first deal with a partnership out of state?

Basically just covering how profits are shared and rules around the partnership ending etc. 

We just registered an LLC in the same state as our properties.As I understood from a conversation I had with a CPA this morning, UNDER the LLC structure, if the company has more than 1 partner, you can opt for Partnership LLC or S Corp.As an S Corp under the LLC, you can choose to declare whatever amount you want as self-employment tax, where as the Partnership LLC, requires all partners to pay full self-employment based on your shares of the company.

He mentioned that I would have to choose partnership or S corp?

I think you may do well with a partnership vs a syndication.  

The bigger mistake was that the price triggered a much higher tax bill that is killing me.  

I'm curious how you guys would structure the splitting of profits on this specifically, and in general on other scenarios as well.How do you guys structure your partnerships if one person finds the deal, organizes rehab, and the other partner only puts up a portion of the cash?

He has the income to qualify for a loan and I’m 50/50, I’m currently working to lower my DTI ratio (currently around 45%) and I could potentially borrow from a family member but my return to them wouldn’t be immediate (I’m thinking a year or so after I refinance)He is willing to front 100% of the cost but how can we create a partnership that will be mutually beneficial.