As a bonus, the municipality allows two family dwellings on lots zoned single family residential, so potentially four units could be put on this lot (if it is subdivided).

There are many methods of figuring the split......priority return before profit split, percentage, bonus, etc.  

One of the best things about your situation right now is that you should have your VA entitlement, and that is a huge bonus for you.  

Also, don't invest in buy and holds for appreciation, see that as a bonus only.

But don't just buy on appreciation, that is just a bonus. 

@Becca Summers That's some great advice about the bonus!  

Free beer and crawfish was an added bonus too!

Bonus if they have a military discount.

With good small apartment complexes you can hire a good management company and offer them a bonus for leasing out units.  

In the end, the value of the deal comes down to a minimum, specific, monetary return, within a specific period of time.Here's an example:  I want all my cash back at refi on a rental$100,000              ARV in specific area based on Sales Comps$  80,000              75% ARV for refinancing$  75,000              Cost to buy/rehab$    5,000              Cash Out at Refi (bonus, bonus, bonus...)Here's another example: I want all my cash back at by the end of the first year on a rental$100,000                 ARV in specific area based on Sales Comps$ 80,000                  75% ARV for refinancing$ 85,000                  Cost to buy/rehab$      500/mo.