First rehab, I need some advice on financing and also exit strategy

[Phil Park]

I found a two unit deal in my local area and I am looking to do my first rehab project on this property. Basic facts about the property,

Property Price : 15k (I was told there is a LOC on the property that needs to be paid, not sure on amount)

Rehab Cost :50-60k? (Working on getting contacts give me bids)

Type: Two Family

Average Rent : $800-$1000 per unit

CRM: 100k-150k

Taxes: $5000 annually

Condition:

-First floor is fine, will need a new kitchen. 

-All copper in house has been looted

-Back addition is starting to separate

-Fire in second unit, looks like it did not reach the roof. The rafters are clean. The unit has already been gutted. 

-Could use new siding

I do have a investor lined up and they would like to do a 50/50 split on the project. I also have access to a hard money lender.

I would like to ideally hold the property for cash flow and to build a portfolio. 

My question is:

1) How can I structure this deal to buy and hold this property if I were to use a investor?

2) Is it wise to deal with project by myself? Should I use a mentor?

3) Should I start a company to partner with his to protect me personally?

4) Anything else I should consider if using a mentor?