"Should I get paid for inspecting the property and for my time doing the repairs, and then get a small percentage of the profits, or should I not get paid for anything and receive a little more of the profits?"

If you are paid for the Inspection and then do the repairs and profit from the sale then you are, in my opinion, in violation of the COEs of most of the HI Associations.

If you are inspecting the home for the purpose of investment, either as an individual or with a partner(s), then there should be no fee seeing as you are inspecting for yourself to determining if the home is suitable for "flipping" then you are doing so as an investor. Be upfront with the seller and listing agent and do the inspection your self, don't worry too much about SOP's, if you find problems that you want a deeper look at, notify the seller and realtor that you demand a more invasive and technical inspection of those conditions than a normal HI would allow.

I was doing this before I became a Home Inspector and it has been keeping me busy for the past year, I'm waiting for 3 o4 feet of snow to melt to finish my latest project. I've also inspected Homes for Investors, but not as a Home Inspector but as a General Contractor where I've brought in Electricians, Plumbers, and other pros for estimates of repairs or renovations. Then I put everything together and submit it to the Investor/Buyer so they can determine if they want to purchase the home and have me perform and supervise the repairs. If they don't then I don't get paid for my "Inspection".

If a buyer or investor pays me to Inspect, then I don't do the work or prepare any estimates. Flipping and Home Inspection are two different businesses, keep them separate.