This sounds like an exciting opportunity @Sean Barnebey!

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.

He is also a long-time broker himself and multifamily owner having completed multiple 1031 exchanges.

Sounds like a winner.. 

Can’t wait to see more of this project completed.   

This complete transformation has upgraded an outdated property into a contemporary and functional home in Columbus, Ohio.Renovation Details:Kitchen: The kitchen has been entirely renovated with new cabinetry, modern appliances, stylish countertops,

That sounds like a plan in my humble opinion. 

Hiring a lawyer sounds expensive, but it is way cheaper than hiring a amateur (in this case yourself) who costs you money and provides no results (and then you need to hire a professional anyway).My personal philosophy is to "do it right, or do it twice" and its way cheaper to do it right once. 

In your case, it sounds like a similar story.. you identified a property with potential, tackled the structural work, and brought it back to life in a way that justifies a higher price.

Sounds like a great strategy David.