Should I keep one spreadsheet for tracking prospective properties and recording the results of my due diligence, and another for tracking sales results post-deal? 

But a few key pieces of your story are missing. 1) what are you doing now and how does it relate to HGTV/flipping2) what were you making a year before you jumped into flipping homes and how much are you making now 3) what was your life needing to be saved from4) your wife, how is she involved in your business5) what did you bring to the table that your friend was willing to cut you in to his successful business6) you said a career job and benefits out of college might not have let you get on this track but you were a top producer working in sales for several years; surely they also gave you benefits by then.

Offer based on that - sometimes that means you offer over list price, sometimes it means you offer under, but remember we've already disregarded the list price as irrelevant, so that doesn't matter.I've seen top 10% buyer's agents run a CMA on the listing agent, to figure out if they normally list for 10% under value, 25% under value, or maybe only 5% under value, and track normal days from listing to pending for that agent.

Am I on the right track?  

Crowdfunding makes real estate easily accessible, however, in regard to institutional real estate investments, the advice of an expert who works in the industry every day, knows all the players and their track records, and performs due diligence on each offering is a great benefit to you and comes to you at no cost.

I have the inside track.

Sometimes you see better rates if the flipper is experienced and has a track record with the lender. 

So I found a site that tracks rental trends in the Spokane area: Spokane rental trendsIt looks to me like 3% is not an unreasonable rent increase over the past 3 years, in fact it appears to be closer to 4% per year.

Track all of your expenses and income listed in a report and review them regularly with 3rd parties to help reduce expenses and increase your income.  

Ryan DeWitt Your real estate agent and lawyer as well as lender will keep you on track for everything in order.