How much should I give away on a Deal?

[Mark T Newman]

I got started late, bought my first Single Family two years ago at age 58.  I now have four--low cost houses, average about 175 per month after management and reserves, about 11.75% profit.  Not getting rich, but don't feel too bad for a beginner.  My question is about the new deal in front of me--My girlfriend (age 63) has a good friend/long time next door neighbor who says they will sell her their 3 bed/1 bath/1 garage house for "what they have into it", about $40K.  Why in the world I don't know, because a fixer upper a few blocks away just sold for 75K .  With some work and about $20,000 to make it nice would push the sell price up around 140K.  Rental (which I would prefer over a flip)  in that neighborhood goes at 900-1500.  I figure even at the low end I could probably clear about 275 per month, possibly much more with a medium quality rehab.  I am hoping the seller will accept a contract with 8K down, 32K on 30 year amortized and a 5 year balloon. HERE'S MY QUESTION- I don't live in Omaha so would propose to give girlfriend 10% to manage (presume permanently) and half of the net for about  the first five years then all to me.  Her idea is that she would like the 10% management, 10% of the net, and her name on the deed.  That item is the big sticking point for me, I suppose because to be honest, I see a less than 50% chance that she and I are going to be a permanent personal couple.  I am bringing all of the knowledge, all the work, the 810 FICO score and all the money to the deal, she has none of those.  All she actually brings is the entry to the opportunity.  I would love to keep it as a rental for the great cash flow especially after that low mortgage is paid.  However if she insists on being on the deed, I wonder if giving her 7-8 thousand like a wholesaler and flipping it would be my best bet, or even giving her a 50/50 or 60/40 share of the (possible) 60K flip.  Any ideas?  Am I totally out in left field on these numbers?