If you go with the partnership route1) You need to manage the money going in and out of the business bank account.2) File a partnership return and be responsible for issuing K-1's3) make distributions to you and your partner for cash flow that you receiveYou will likely spend many hours on a nice gesture.I may want to consider instead to give a christmas gift or a bonus for early completion of projects.

How many times can you spend $1500 to get an 88% return?

You can spend your time in worse ways, like watching some silly movie. 

Quote from @John Murphy: Before spending thousands on a course like Pace Morby's, talk to the actual members.

You want to learn from people who are spending most of their time actually doing deals, not marketing their courses.Being resourceful will get you far in the real estate industry.

GC in my area cost 10% of the total and I would say that is worth it for what they provide, but if you have the knowledge and willingness to be on the phone with subs (and spend a lot of time on site) you could save that by DIYing it.

Although it depends n your budgets and expectations. $430 could be chicken feed to you.How big are your pockets lol.Obviously you want them to get bigger!

How would you recommend, or what resources would you refer for us to properly figure out how we spend our time and appropriately get compensated for it?

Spend a year learning and going to meetups before you fork over a $50-$100k franchise fee and half of your profits and don't even know what you are doing.

Spending on expensive upgrades is not the answer to improve your tenant base in this type of area.Keep the homes habitable, clean, and safe.