But I want to maximize the space and profits.

We returned the private money and made a profit!!

So I would get some updated realistic (not prayer-based) comps, and then compare what you could sell it for (including commission and costs of sale, of course) to what you'd still need to do in order to make it sell-able, and hope that the #s work out so you still make a little profit or break even.You can do a buy and hold analysis too of course, but it sounds like you already have a sense of the market and have figured out what a lot of buyers haven't yet figured out - that multis are selling for prices that are unsustainable because the sale price isn't justified by the rents.This is a risky phase of the market to be paying a lot for a rehab property and running out of money.

Second, with this kind of idle cash and a lack of time, I feel like I'd rather do a few big deals, even if they're not as profitable as if I did a bunch of small individual deals - I just don't have the time to dedicate to making $30k.

Juliet, Brentwood, Franklin etc. and rent it out to random tenants who would essentially pay my mortgage and I would gain a profit off them.  

If we can uptain a new loan under both of our names how should we split profits on:Rental income?

Double-taxation can occur when a C-Corp has a profit at the end of the year that it would like to distribute to its shareholders.

Depending on where you live, there may be by-laws restricting your "flipping" the property for profit within the first 2 years.Further, you may have an issue with your finance people if you took out a mortgage to make the purchase, such as pre-payment penalties if you haven't had the loan long enough. 

Has anyone read buy it rent it profit by Bryan Chavis?

In the unlikely event that it wouldn't sell for a profit, I could cover any loss.