I am a rookie all the way but a driven young person who won't easily scare.Thanks for taking the time, can't wait to interact with you guys and learn from you all.

Simply based on what you have written, you have made, at least, three big errors: a) Handing over your EMD to anyone other than the Broker who oversees the license of the Buyer's agent you are working with, b) Not knowing what's in your contract, and c) walking away without honoring the contract.

You will pay a broker for carrying errors & omissions insurance, you will pay for centralized showing, depending on the broker you may for training, affiliating with the NAR and many other expenses.

I am now down to about 6% median error rate when predicting the market value of properties from only four numbers (for example, square footage).

I would love to hear your input on my ideas as I am pretty much a rookie at this point.

Please someone point out the errors in my line of thinking:- After the home is purchased in my name, we start a partnership and write up a contract with regards to profits and member responsibilities etc.

If you're a rookie to hammers and nails, flipping and rehabbing properties is not necessarily the best option, since you need to be a little familiar with the industry, imho, to make sure the contractors aren't blowing smoke up your chimney.

You can trial and error different settings to see what works best for you while always being in control of the dollar amount set to the penny.I'd link up with @Rick Santasiere, he is your neighbor in Granby and has plenty of industry insight that he could share with you.Best of luck and feel free to shoot me a message anytime with questions.

All the trial and error I had dealing with contractors on my first flip left my life with many colorful stories.  

What I have learned through much trial and error is that she has to warm up to it.