At the end of the day I would check with your attorney, but I ran this interesting question by my Title Rep @First American. 

Check your local laws. 

You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

I thought of selling back to the seller at the same price, and take the 12kish loss on repairs  I doubt they will take it back.. check your note to make sure you dont have personal guranteesNoted, thanks Jay!

You'll figure out a good price for yours, but be sure to check the market every month or so, and track whether it is increasing, stabilizing, or decreasing.

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

Before listing I check my prices on rentometer.com to validate before listing. 

Lots of reasons for this...but you always want to check. 

If you haven't already check out the gifts Santa has left in the Resources page on Biggerpockets! 

Works great because I get guaranteed revenue either way and the partners are happy to be silent investors who get a check every month.