Also, I plan on spending 15-25 hours a week on the flip myself (I'm pretty handy). 3. 

This is money you spend in one year and you can deduct in the same year.  

I recently purchased a property in Cedar Rapids, IA that has no garage.  It is a 1960s built house in a nice neighborhood.  The backyard is huge and could be a nice oasis.  Its way larger than most of the neighboring ...

I am interested in flipping as a starting point and spending some time trying to build a track record.

Get familiar with the way the market ebbs and flows, know the local players and make sure you become a household name for your niche if you decide to do this full time.It is my personal opinion that you should be able to figure out if a deal is worth calling the seller's agent after 45 seconds of spreadsheet work, not 13 pages.

You also want rents rising annually instead of every 3 years like national tenants so you can extract maximum rent if they go out early.Weaker tenants free rent if the tenant spends the money for TI is better because if they go out you are not out that physical money.

Therefore, if there is a "capital call" or where someone is bought out or decides to leave; you will not have to spend additional capital to amend the controlling agreement. 3) What happens when one partner want to sell a property and other one wants to hold?

You could easily spend 40-50k on what you just listed.

This is how I view your deal:Monthly Mortgage payment $603.92 (25% down, 5%, 30yr on 150k purchase)Taxes $280.00 Sewer and Water $66.67 (I spend about $400/year per apartment)Trash $75.00 ( 2 yard dumpster emptied every 2 weeks)Heat/Utilities $- (no common electric, basement or otherwise?)

What to spend my time and money on and what to ignore and run from.