They would receive 10% of the cash flow and 10% of the profit when we sell. 

We bought our first house, a light fixer, renovated it and sold it for profit.  

The mortgages add up to $4131 leaving me a profit not including expenses of $3119 a month split 50/50.

I also launched a customized T-shirt company and that has taught me much in the way of product development, managing operating costs and expenses as well as marketing, profit margins and other cool things you're not taught in school.

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?