We used cash to complete our flip, and after 14 months of work GC'ing the project and listing the home for sale as the listing agent, I made a whopping $2,270...

Lots of homes for sale in the low $100's.

From sports to sales to investing, that‘s an awesome journey.

Would also check out your neighbors and recent sales to see what yards they have (or what landscaping, flowers, etc was done). 

And that includes a sale in year 5. 

Unfortunately I didn’t have a lawyer look anything over prior to the sale & just listened to my realtor.

The agreement between the Seller and Agent may include getting paid the commission upon the sale of the property, regardless of what your offer states.  

The original mortgage was only a year ago and believe the property will likely appraise for the original sales price.

@Monisha Nabar One model to consider is the passive investor who brings the money gets all of the net rental cash flow until their initial capital is returned and then the split goes to 50/50 for remaining cash flow and sales proceeds

Seller still owns the property and the JV agreement outlines how I put up the remodeling expense and then at the sale he gets X out of it (whatever our agreed price is) and I receive Y out of it (proceeds above seller's agreed price?)