To me these kind of arrangements are always one sided.  

Arranging schedule of various trades and balancing the good ones with the ones that are available.Permitting and inspection issues (should be a non-issue, but last house we had a new inspector that seemed like he had something to prove and nitpicked what I view as non-issues).Market swings impacting ARVs, or in the current market: are we going into a recession before the house can be completed?

I mean i would not even go shopping unless i had the cash or financing arranged..

Hey I'm from Taxachusetts and I resemble that!

The judge did force the termination of the arrangement and my partner agreed to buy me out of the properties after the judge demanded they either buy me out or agree to sell the properties.

Multi-family without separate meters may need more unique billing arrangements such as passing the costs through to each tenant on a square footage basis.As far as insurance, landlord will have to maintain their own insurance per mortgage requirements.

Unless other arrangements are made in writing by the tenant, the landlord shall mail the itemized list and any amount due, by first class mail, to the tenant's last known place of residence.

Or is there an acceptable or usual profit sharing for this kind of arrangement? 

Arrange them based on the problem you are most likely to face first, then spend some time researching your laws, how others handle the issue, etc.

Arrange them based on the problem you are most likely to face first, then spend some time researching your laws, how others handle the issue, etc.