I could say a higher number just to keep ratio under 49%.I was told bank orders a rent appraisal.

Would u require the person leasing the property to have own insurance if for say, a fire happened?

If they are an experienced investor who is also coaching and mentoring you through the process and not just providing capital than I would say a 30/70 split isn't crazy either. 

Also, if anything ever happens, like say a fire starts in the basement duplex and travels up the stairwell you illegally built killing everyone inside, then you are not only talking financial liability but criminal liability as well.

Then don't say a word, let them give you a price.

I also believe that I have to look someone in the eye and talk person to person before I start to  take everything they say as Gospel.

I am almost embarrassed to ask but they say "a question is only dumb when you don't ask it".

@William HochstedlerI would like to say a big THANK YOU!!!!!!

How do you find out how much garbage service is on a SFR or say a 6 unit MF?

Dylan Henke what might help is instead of taking a "leap" that could induce a fair amount of anxiety, decide to do a small project, say a cosmetic flip, create a 6 month plan, and back into small, week long steps.