I am an investor, the owner of a property management company, managing 550+ units in the Toledo area, and a remodeling company.🧠 What would you consider your area of expertise - real estate related or not!

I have flipped homes for 15 years with my best friend who is a broker in Florida and we sold homes that were ethically done and quality remodels.

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.

Since they don't all go up, we do a maintenance inspeciton to ensure there is not a leak or running toilet then we increase rent to compensate.

Turns out, during construction, one of our vendors flushed something down the toilet, causing a clog, which led to the system overflowing and flooding the home.We ended up having to cut and replace drywall in multiple rooms and swap out the wet carpet, which will cost us around $10K.Mishaps like this will happen in Real Estate.

Also do not deal with tenants, toilets, termites, maintenance etc. 

-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.