How do you plan to operate it?

You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame.

Im a medium sized operator - 46 units- and my typical deal has an ARV from 200 to 230 when its finished.

agree .. other wise its just the bottom feeders looking to take his equity from him  with couching it as a rescue.. his best bet it to sell if its owner occ the profit is tax free .. regroup and start over.. 

Deduct mortgage interest, property taxes, travel, and operational expenses.

All depends on the operator, the segment there playing in. 

An experienced broker with lots of choices at the palm of their hand is probably the best bet.

Every PM operates differently, and at the end of the day, there is tons of information you can navigate on your own in the beginning stages online, but surely there will be PM's that would be more than happy to assist you on journey. 

It has been operating for 2 months now.

As a limited partner, you would be able to participate in the project without being involved in the day-to-day operations, while benefiting from the potential profits upon completion.If this sounds like an opportunity you would be interested in, I would love to discuss further and provide additional details on how we can collaborate.Looking forward to connecting soon.