@Dave Foster or @Bill Exeter can give more specific details.

And yes you can allocate the partnership item 50 50 but the agreement needs to have specific languages such as deficit makeup requirement and other that shows both the partner bears an economic loss in the partnership. 

Oh yeah, I want to specifically thank @ Andrew Fidler for his knowledge and guidance.

I don't think local forums get that specific.

You aren't necessarily going to find books specific to out-of-state investing.

Not knowing the specific of your situation, it's hard to tell, but generally speaking, the less properties you have, the more you can afford to just use your name.

It's not that simple math is wrong, it's just that you can open your mind up to much more possibilities, like investing in appreciating markets, once you become knowledgeable about 2 things, 1) Sophisticated Math and 2) Economics so you can read the future of the market.Personally, I don't know how any Investor doesn't want to learn enough about Economics to get a gauge on how the next 10 years in their specific Area of investing may turn out.Will it be like Detroit, which went bankrupt but you could easily have seen that if you paid attention to the 3 Big Auto Makers?

@Nik S. you can go with a traditional Builders risk, but there are other insurance programs specifically built for the flipper. 

From my experience: when I purchase in bulk I always want a deep discount, however if I’m buying one item I understand that the margins are not high enough for a deep discount.

In my experience though, those margins aren't as big as people tend to want to believe.Hope that helps.