We also beautified the exterior, fixed the roof, have now rented the bottom unit to a medium term tenant as Albany Medical Center is a 5 minute walk away.

We always consider gig employment so long as it meets our qualification of 3x the amount of rent and verifiable income for 1 year. 

Now it has long-term tenants in all four units that cashflow about $700/month.

Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

I am back after a long tiering move, which I decided to do myself. 

As mortgage rates eventually drop, your cash flow should improve over the long term.

The agent will prepare a commitment with requirements for closing including a deed from the party the insurer believes is authorized to sign the deed and any supporting docs they need to be comfortable in issuing a title policy to you w/o an exception for your concerns.

From CSLB:This section defines what an owner-builder is and the laws surrounding the practice.An owner-builder is what the term indicates: a person owns the property and acts as their own general contractor on the job, and either does the work themselves or has employees (or subcontractors) working on the project.The work site must be their principal place of residence that they have occupied for 12 months prior to completion of the work.The homeowner cannot construct and then sell more than two structures during any three-year period.Getting a GC license and going Legit is pretty difficult.

It may seem counter intuitive, but the basics of real estate mentioned above are actually MUCH more important for long term success than the knowledge of any one technique or strategy. 

I think splitting the profits is fine as long as your partner has worked out how much the labor will cost.