I feel like it's a tool that I need in my tool belt but I've got to be smart about where I'm allocating time.  

I'm allocating $900/year in repairs, although that estimate might be a little low since the home is about 100 years old.

Use square footage of rental space to determine percentage of total building to allocate to schedule E expenses.

In BK you can afford a much higher costing condo due to little or no taxes affecting your monthly allocations.

Allocating a percentage of the profit to him in exchange for his labor and management does not create any obvious issue.  

I came across Bigger Pockets a few years ago and unfortunately did not allocate time to learn more through this community, and sort of forgot about it. 

I am not looking for just a financial partner, I have resources I can allocate.

Some take what he said and wisely invest whatever they've committed to stocks and bonds in low-cost funds, properly-allocated, while of course being aware of market conditions and not counting on their asset allocations to save them and investing in other assets classes than low-cost index funds, such as real estate, like you are doing.For others, it drives them to a penny-wise, pound-foolish strategy with the entirety of their investment career spent figuring out how to save a few pennies living frugally and making sure their asset allocation is perfect such that they never pursue anything that could make them truly wealthy.  

-Can I allocate only a portion of the capital gains into the exchange?

If so then you can take the % of the sale that would allocate to the area you lived in as your primary residence exclusion tax free and only 1031 the remainder.