Or would you recommend waiting to find a deal where you were making a small profit after mortgage, insurance, and taxes?

Or is the only way to delay paying those taxes is to 1031 those profits into a larger property?

Is signing leases and then trying to make a profit through Airbnb a thing?

Sometimes, I notice that people who are doing their first deal focus more on the profit from the deal verses learning how the profit was generated. 

I'm going to see how many I need to build to make sure I can have a decent profit immediately

Hey @Sean SloopIt's in your best interest to have your relative having their relative equity documented on the property or LLC.From an IRS perspective, suppose you both contribute $10k and there's a total profit of $14k ($7k each).

The 50/50 partner has a chance to make a lot more money but stands to lose in case the deal fails.In the debt partner scenario, the investor is agreeing to a smaller part of the profit but is expecting to get 100% of their investment back plus interest.I used too much leverage on a fix and flip four years ago and lost a lot of money.

My goal is to use my knowledge to save money on my labor costs for the fix and flip strategy and then take the profits to fund more flips and or purchase multifamilies.

For the average flipper this deal probably wouldn't command a high enough profit margin to justify the work involved, but if your goal is to buy-and-hold, this could be a real winner.

Also:Multi-Family Millions by David LindahlEmerging Markets by David LindahlABC's of Real Estate Investing by Ken McElroyWheelbarrow of Profits by Jake Stenziano and @Gino Barbaro