Our plan was to both personally guarantee the loans, split the costs and split the profits on each flip.I believe a simple two member LLC is the easiest way to do this, filing 1065 at the end of the year and schedule K.

Sandwich - lease from them and guarantee 1300, option to buy at say $300K, then sub lease at 1800 (lower than market rent), option at 95% of appraisal to tenant buyer. 

Spending an extra $15k on repair/remodelling is no guarantee of increase in appraisal/market value.

5) Do they offer any incentives for owners such as Rent Protection, Damage Assurance, Eviction Assurance, Leasing Guarantees, Pet Guarantees, and Tenant Liability Insurance?

Don't kid yourself, when Goldman Sachs comes out and says to sell X or Y, I guarantee you they are BUYING X and Y hand over fist.

We also offer a 100% money back guarantee on all our properties so that, if an investor is not satisfied with any aspect of their investment within the first year  - returns, tenancy, our team - we'll buy the property back for exactly what they paid.

You're not going to be able to guarantee that....it's all subject to change, legally by the board and unit owners at any given time.

I understand it's not always a guarantee that I will have a tenant, but right now, the house already has a tenant.The way I justify being able to manage not having a tenant for a while is because for a whole year, I went comfortably throwing my money to renting a house.

I guarantee your productivity will almost triple. 

Someone suggested to me to skip setting up the LLC unless we plan to do future deals together and instead just guarantee each person's stake with a lien against the property.