We used the profits to move on quickly and buy a house in a much nicer area with a good bit of equity already. 

That’s a good deal anything above 8 good luck your margins will be off and you’ll have to work till the day you die.

I have plenty of money in a Roth IRA that I continuously max out, as well as a profit sharing account through my company, so I do have some investments started.

Just make sure the money guy gets his money back first and with some profits.

But if the upside is an extra 30k in NOI, I'm not willing to pay for 80% of that, leaving myself with only 20% for me to profit on.

I feel like this should be a basic question but it's hard to find a definitive answer to.We'll be splitting the cost, labor and profit 50/50 but have no entity setup at this point.1.

I use a separate bank account for each property, so my bank statements become my profit and loss documents.

you have to be positive that the numbers will yield profit for all involved parties. if you aren't sure of the exit strategy or how you will secure funds then you still have a far way to go. do you have cash buyers with verifiable proof of funds lined up?

Done several dozens flips, and owned a 4-plex that was purchased for $68,000, cashflowed almost $2,400 per month, and sold for a $100,000 profit less than 3 years later.

The organization is (as best I can tell ) a non-profit run by lawyers that sue insurance companies so they are biased to the homeowner, which for you is good.https://www.uphelp.org/blog/north-bay-fires-insura...2.