Obtaining a new mortgage and keeping existing properties I own as rentals.

Continue to repeat flips by reinvesting original partner's cash and profits into each subsequent deal(s) until you have your own seed money ($10k, $20k,...?).

Originally posted by @Zachary Sexton: But I'm also okay spending the next year or two learning, networking and saving for the next market correction.See this is the bad assumption that everyone makes on Bigger Pockets...that some market correction is coming. 

Obtaining a new mortgage and keeping existing properties I own as rentals.

Ask the lender if you were to purchase something that already had established tenants in it, could you use the existing leases as income to qualify for the loan.  

I haven't done an assumption of a loan before or subject to the existing mortgage.

@Daniel Caraway a lot of times properties like that are grandfathered under existing zoning unless, it was an addition done without a permit or it's been vacant for a specified period of time.There are fairly explicit rules at the county level that govern zoning.

Originally posted by @David Cruice:If you want to do it right (which you should do in this case), you'd have to put in a new common-area meter that both owners would be responsible for splitting. 

Remember that when refi your taking out almost all of the original $52,600 you had in the deal.

Originally posted by @Jay Nielsen:Right.