Context: I'm new to foreclosure investing and inexperienced with repairs, but I'm about to bid on a duplex. I heard about it from a friend of mine. He has done flips before and is experienced with repairs. He is willing to team up with me, or act just as my realtor. 

I am a beginner investor and a college student. If possible, I plan on living in it and renting out the other side. It needs some repairs so I will live in it while it gets repaired. I hope to put 5% down (FHA would be difficult for this property). I might be able to muster 10%.

My question: What is the best way to split a deal if I plan on living in the property and renting it out? I don't think I can afford the repairs all by myself, but I don't want to let this deal pass by. I also want the deal to be worth it for my partner. How should I suggest we split the deal?