Hey BP!  I recently separated from the Navy and this is the first time I've had to pay for my own housing in a long time.  My wife and I live in an apartment in Edmond, OK and are looking for something to buy that has...

I highly suggest you to read, "The Ultimate Beginner’s Guide to Real Estate Investing".

Regarding your contractor situation, I think the approach @Stephanie Potter suggests is more standard, so I guess it ultimately depends on whether you think you would profit more in your flip than you would pay in the extra loan amount if you don't include the contractor as partner vs. including the contractor in with his 19%, and having 19% less of the loan to repay, but also getting 19% of the final profit. 

My question is about a property my wife and I wish to purchase, rehab and hold...ultimately for our own use.

Here's a little advice for BP1) Set up keywords for your area and interests so that you're notified when they're used and then start interacting.2) Read through The Ultimate Beginner's Guide3) Go through applicable blogs and podcasts as there are a lot of great resourcesAdvice for REI...1) Study up on what you need to know/do for the 1st step and then do it, then repeat for all following steps until you have completed your first investment then repeat the process and keep learning.

Ultimately I want to invest in multi-family homes, and I feel this line of work would get my involved pretty heavily. 

But ultimately, I think you should get your license!

The more you're willing to struggle and reduce yourself to just "surviving", the quicker you will get to you goal. think of it as a foot race, the harder you push yourself and the more you suffer, the quicker you will reach that finish line.

I see the ultimate goal as being equity (rather than cashflow -- I don't mind breaking even every month, but I don't buy if I'll be operating in the red).

Higher rents mean a higher CAP, NOI and ultimately a higher higher value.