so challenging but rewarding ln the long run...

However, it has more rewards too.  

My issues with these are 1) I want to keep the rehab costs as low as possible as if I was the investor, and do not want to be rewarded for higher costs2) Soon I will be putting money in projects with him as a partner, and my mindset is analyzing deals that will have the highest return and want to be rewarded or penalized when the project does not work out like planned. 

IMO Risk will always follow reward... but again, just know what you're getting into...

I think it's safer leagally, and more financially, and professionally rewarding to invest in becoming a licensed agent.

So him putting up the cash constitutes a reward of 50% of the NET income, and my accepting all of the liability and also doing all of the work and management for the property (although minimal since we bought turnkeys) constitutes the other 50%.Further Points to ConsiderIf you aren’t convinced this is a balanced enough split (money vs. risk split), here are some further points to consider with regard to why this may be an enticing deal for the money partner:What if someone doesn’t qualify for a mortgage but they have cash they want to invest?

There's a lot of opportunity in Detroit, but it's high risk, high reward.

It can be a very rewarding career and you will probably see many opportunities over time to become an investor yourself.If you are planning to become a full time agent, most of the super successful agents concentrate on working with property owners and getting listings.

He buys big because the rewards are bigger.  

Even when I give them responses to these questions such as:"I know it's not easy, but if you don't take a risk, there is no reward""Well I plan on thoroughly screening my tenants to mitigate the risk""I will evict the tenant if they don't pay by following the processes set forth by local legislation" "I plan on having multiple exit strategies"It doesn't matter what you say to the nay-sayers, they still think you're crazy for even trying to get into it and that failure is a certainty.