I have never collected cash, I even require security deposits to be submitted via the bank so there is a paper trail of everything (for them and me).

TOTAL GAME CHANGER. 

Total Profit if Sold: I just can't seem to get the numbers right!

Then talk to those people directly or to their competitors.An infill residential lot in a resurging neighborhood is a totally different animal then a commercial A lot downtown. 

You would be totally liable for your friend's actions or liabilities (if your friend gets sued and the other party can tie in the investment at all, you could be sued even though you had nothing to do with it).An LLC is probably the best best for what you are looking to do. 

Here is my planuse remaining 1031 exch money for unit #1 ( need full price to satisfy the total 1031 exch minimum)Get a 30% price cut on the other 2 unitsGet hard money loan 18mo for 100% purchase of the 2 units. 

I understand that I have to identify one or more properties to swap with a total value of the sale of my property: are we talking about the gross yield  (600K) or the net yield (570 after after the real estate fee)?

This is probably my major complaint as this is totally controllable.

I am trying to secure funds for my first flip. 

so you have the total Cost.then you see what would be the rent and how it could affect the NOI / Income once the work is done.