Take into consideration how much time you and the potential partner can dedicate to a partnership, how much money each can allocate if any, and experience/knowledge with real estate investing.

Technically, the failure-to-file penalty is actually reduced by the failure-to-pay penalty, so this $500 is allocated as $50 failure-to-pay penalty and $450 failure-to-file penalty.Example 4.  

The costs of such maintenance and repairs shall be allocated as follows: *The cost of repairs, maintenance and improvements, which are less than or equal to Five Hundred and no/100 Dollars ($500.00) per repair shall be paid by Tenant.

Will your settlement cover all the costs associated with the rental so your existing income will be allocated only to your primary residence and personal expenses?

i would have to look at the property, but at those numbers i would also do as chris mentioned and allocate about 10% for repairs and capex ($99 each). and for vacancies i would divide the monthly income by 11 ($88) and take that number. with that and the info you provided you would still be looking at about $240 cash flow. 

Your vacancy allocation covers 3.6 months total across all units regardless of when / why they occur (e.g. 3 weeks for 1 unit, 1 month for another, etc).

If you want work done from a quality contractor, you're going to have to have your ARV and reno costs in line, so you've allocated a realistic reno budget.

What I think I'm going to is attach this addendum I found online that specifies I'll be sub-metering the two units using option (b) formula based allocation:"If a Utility Bill is sent, each Utility Bill shall be based on either (a) an estimated or actual reading of the sub meter for Resident’s Unit, OR (b) the previous month’s actual bills for the Utilities for the Property allocated to Resident pursuant to an allocation formula based, in whole or in part, upon at least one or more of the following components: the number of Units at the Property, the number of occupied Units at the Property, the square footage of the Unit, the number of occupants in the Unit, and the number of bathrooms in the Unit.

Without an exchange I'm not entirely sure on the allocation.  

Not that this really has anything to do with the rehab but you should also spend some time thinking about how your are going to allocate use of common areas and the kitchen.