Plus the developer has gotten grants from the state and many non-profits.

I did inform both tenants that I was also selling the property so there was no deception on my part.I called my realtor and told him I was heading in the rent direction with this property, and if either of the 2 party's interested in purchasing the house didn't make a solid offer I was going to rent it by the end of this week.Yesterday I got an offer for the 86k guy for 102k less 3k in cc and no other concessions.I signed the offer and will profit $17k on this flip.There where 2 factors that made me decide to sell rather than rent,1.

Once the property sells, our investors are paid off and we split the profits 50/50.Ultimately, our investors get their return, my partner would get $ to fund more deals, we are both compensated for the work we do, then onto the next one.Before speaking with our attorneys, I was wondering if anyone here had any insight as to what documents we would need to use, if you've ever worked with partnerships like this, and if there was a certain entity we would need to file the deal(s) under?

You are right, try making a fair profit several times not the one killer deal.

Something has to give because, save for heating suddenly becoming dirt cheap, there isn't much that can make these buildings profitable.

So now if I find a property that deems worthy of an investor to flip and make a lot of $, why wouldn’t I just keep the property for myself and rehab/flip as opposed to selling for smaller profit just to let someone else do it?

So lets say you report 100k in rental income and after expenses/depreciation you have a profit of 50k.

Since I'm new to rehabs and subject to deals, I feel that paying for professional guidance up front will teach me good habits which will profit me later on, but who do I hire?

However, what you're describing sounds like a situation where you might be in that other 5%. ( I've had the luck of buying in gentrifying areas, and have profited from it- that's really how I got to the point of being able to invest in cashflowing properties) It doesn't sound like this is too much of a risk (assuming you are fully accounting for all expenses in your numbers, not just rent minus PITI), or would require too much time and or money to get into.

Once the property sells, our investors are paid off and we split the profits 50/50.