@John Blackman Sounds like you have a good amount of expertise in partnerships and have a really healthy attitude about how they should function. 

The only way I see that working is if he is offering a promissory note with a personal guarantee and a healthy interest rate with monthly payments plus an equity kicker of 15%.

For the sake of you having a healthy marriage ;) it seems like a fair compromise if the numbers make sense.

Not the most healthy of situations but I have done some pretty impressive things trying to prove I can do it and/or prove someone wrong.

Something is off about this high of an offer, if it is a flip deal.If a seasoned investor is offering that much, the ARV must be much higher than the current value or they will lose money, not have a healthy profit!

Another option is if you have good credit to secure a personal loan based on your healthy credit.

My aunt is no longer in the picture and my Grandma's health is declining so she wanted to give us the house both to relieve the burden of caring for it and to help my brother and I get started on our investment plans.She bought in 2011 for $235k and put in, say, around $20k to partition the mother-in-law portion.

Going out of state has its additional hurdles and risks but I have clients that hold a healthy schedule of real estate out of state and do quite well.It really comes down to your current liquidity constraints and what out of state markets you want to get exposure to.  

IE, drug rehab,  inmate half way houses, mentally ill, healthy elderly, domestic intervention housing for women with children,  veterans, or housing for retired nuns. 

It does not happen on day 1 (not negative day one if bought right, but not crazy high) but it does come with time as rent increases at a healthy clip while most other expenses do not scale as such.