How Would You Structure Such a Deal

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Sent a letter to an overgrown townhouse about two months ago. I thought the owner was not going to call but she did a couple of days ago. I know she does not owe anything on the property (except property taxes). I am leaning towards doing some type of deal that would allow my IRA to provide the funds to do a maximum of $10k in repairs (high estimate). She and my IRA would own a certain percentage of the property and share in profits or losses. Have any of you done such a deal? Should I just get it under contract to buy even though I really don't want to provide the funds to both buy and rehab? ARV $64,500 would rent for $650-$700/mo.