Needs about $2-3k in rehab but nothing major.

The ones that do work out have been purchased at good prices which leave room for profit.

Bidding on a foreclosure carries major risk and should only be done if you are able to absorb a big mistake.

@Ryan Moore My recommendation here would be a book by @Jake Stenziano and @Gino Barbaro called "Wheelbarrow Profits" and it can be found on Amazon.

Even if it looks like I'm making great profit each month on rentals (anywhere from $200-400 after putting away 15% into savings and 8% on management) and yet the ROI is below 8% and our realtor said it needs to always be at least 8%.

I wasn't meaning to imply a majority of sellers. 

Ok so lets be realistic, obviously new investors or amateurs aren't going to be able to get professional investors to give a majority profit on new ventures , but what is the best way to start a partnership percentage speaking?

I've seen way to many multi family properties just get into that death spiral of a slum lord and horrible tenants and it's just one band aid after another until finally the owner extracts whatever they can and exits.I personally would want to be buying something at a little lower price, perhaps redeveloping, etc.Build value rather than extract value.If the assumptions above mentioned check out and you're happy with those returns I don't see a major hurdle ----  big however though is that you're only outperforming your cost of capital by maybe a percentage point?

There is profit margin to be made if the project is completed but for various reasons, I need to liquidate my capital and can no longer complete the project.

Would it be a good idea to find a mentor to walk me through every step of tHE efirst flip and then to take a percentage of the profit?