So back to being a real estate investor: the only way to be one is to buy a property and create value out of it, whether through finding a below market value house and selling for a profit, or renting and creating cash flow.  

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

@Matthew Cook I would NOT pay for the renovations unless I was on title or had a very formal contract written about the split of profits.

Hard money costs do eat into the profit but a good hard money lender will want to make sure you are making a sufficient profit on the deal after holding costs, etc. 

I would like to see if I can make a small profit, and I want diversification with maybe a 4 plex, or multiple SFH/Condos.

Hey Steven - An LLC is a solid choice for structuring your partnership since it offers liability protection and keeps things clean when splitting ownership and profits.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

You manage the headache of guests and communication, cleaning, etc. and he provides the property, but shares in the expenses and profits.

The owner took the back end profit for his park during the life of the POHs now wants to cash in again.  

This of course can be scaled up as well for better profits, if you have a 1 acre lot, you can probably fit 2 buildings with 4 units each (depending on zoning requirements), or 4 buildings on 2 acres and so on.