I like the B a little better because the risk/reward is better.

Risk vs reward.

I realize my friend's skill and abilities in locating a deal, managing the rehab process, selling the house, and teaching me about the process should have a financial reward but how do you quantify that?  

Of course I wont be quitting my day job anytime soon.This has been a fun, frustrating, sometimes stressful and rewarding journey to date and I am looking forward to more of these small successes in the future.Thank you BP Community!

Seems like the customer service aspect could eat up a lot of the reward...

Each of those areas has an element of risk to it and combining all three, well, you'd better make sure the reward it worth the risk.  

What are the risks/rewards?

That brings my to my conclusion: While it can feel very rewarding to beautify a property, rehabbing residential income properties (duplexes/triplexes) is an evil that should be prevented if at all possible.

As investors, we understand the “risks” and rewards that investments offer.

I am brand new to real estate investing.My idea was to network with some local process servers that would be willing give me info on homeowners that are behind on their mortgages.I would offer a cash "reward" to them on any property I purchase.Is this idea legal?