I would love to invite some pros to have lunch or coffee with me (my treat unless you’re rich then we can split the bill...haha jk) somewhere in the Bucktown area.

Tenants pay 1/4 of water:  You can either go split 25% per unit or split it by occupant. 

This is important because you'll be able to align with the most recognizable name.Look at the resources that they offer, the commission splits, and training opportunities. 

Purchase price: $296,000 Cash invested: $10,000 I have a wife and kids and wanted to live rent free to get ourselves started on real estate investing.The home is a 4 level, split-level home.

If you do need to add heat or replace it, look into mini splits. 

Terms for friends & family can really be anything you both agree to, and bringing on money partner would be something like your sweat his money for a 50/50 split. or something to that effect.

Or should I suggest we talk again later once they have more money to invest so that I won't have to split equity with more than one lender?

You don’t necessarily need to have a specific interest rate defined but you will need to have the terms of the payoff (i.e. splitting the proceeds of the gain on the sale).

Talk to the seller about splitting the rent for the other week (Sept 18-23) on the second unit. 

No sir, I have no experience, I have a rental property as an investment but never did a flip, the terms are split the down payment,the cost of the renovation ,and we will hire him as a contractor