Title work and escrow.Insurance - Also on you. 

However, the duplexes within my budget (~$360K) often require substantial work, and I’m not looking to spend much on rehab.

The property needed a lot of work, and holding costs were high.

For example one person does most of the rehab work/management and the other person finds deals, works through the paper work, and sells the flip.

What's the exit strategy if any, for the investor, given that, with 50%, he has no control and the market there is illiquid, especially when the HELOCs out of North American properties are much more expensive.Properties in Costa Rica are already expensive and I've tried many times to make a potential investment there work and it's never worked with the figures.

Now I have done this for syndicators and I think that is a niche thats out their as their EM are 100 to 500k  and you can charge accordingly .. but in the regular resi space were deposit RARELY go above 5k how does this all work.. and how are you going to talk wholesalers who you dont know into using you..

U will go broke that I can basically assure you or at least 90% chance this will not work and you will lose money.U would be better off making loans with that 3% 4% money at 10 to 12% and make the interest rate delta pick very good borrowers and let them take the risk on the assets..

With this scenario we both have skin in the game: His work and my materials.

They needed a lot of work and we have been able to get them at a price that allowed us to afford the repairs.

I expect a free estimate from a contrator who possibly would be doing the actual work.  And