Bought the property, supervised and/or did all the remodel work, sold the property, etc...and we did a 50/50 split.Granted that your knowledge is worth a lot as @Adam Bartomeo says, but if you don't have a huge amount of construction experience, then i do not think that a 50/50 split is fair to your brother....maybe more like 70/30 or at most 60/40...

We've recently come across what seems like a great investment property:- Tenant Occupied, paying FMR- Slab home that we will eventually remodel ourselves after the current tenants leave. - Only 4 houses down from my current home in metro Detroit, MI.We toured the property and it was a hot mess, easily a complete remodel because of cigarette smoke damage that seems to have reached every corner, but the prospect of redoing it really excites us.

-Should I get an inspector that is very familiar with FHA loans to help me decide what needs to be done in the rehab/remodel process so it will finance FHA?

I don't build new homes with builders, but I believe construction costs are high and time frames long based on my remodel experience. 

My primary residence is currently being remodeled- new kitchen and bathrooms.

I had them installed during the remodel up there.The first floor where my wife and I currently occupy is also recently updated with a new kitchen, all new appliances and is also a 2 bedroom with a fully finished basement.

It was a complete remodel. 

She bought her condo a year ago, we lived in it, remodeled, and were planning to make it a medium term rental after I purchased a house with my brother.

We specialize in remodels in the North Lake Tahoe area and rarely take on projects in Truckee. 

We completely remodeled the kitchen and bathrooms.