You won't have the options that you have here in Austin, mainly because Portland is Tenant Friendly City and Pfugetville is Landlord friendly.  

it is not user friendly at all. 

The LP got it from a friend who is in some kind of real estate mentoring program.

I have a potential partner who is a long-time friend.

A 50/50 split, while not uncommon in the world of flipping, is very sponsor friendly, relative to the typical syndication which will typically start at 80/20 or 70/30 splits, with a vast majority of proceeds going to the LPs, along with a preferred return that gives them 100% of the cash flow up to a certain annualized return metric.  

Use Automated Follow-Ups to Build RelationshipsMost deals aren’t closed on the first contact, which is why follow-ups are essential.Example Workflow:Day 1: Send a thank-you email after a seller contacts you.Day 3: Share a case study of a seller you helped.Day 7: Send a friendly reminder with a call-to-action like “Let’s schedule a quick call to discuss your options.”Pro Tip: Mix email and SMS follow-ups to keep the conversation warm.Why It Works:Automation saves you time while nurturing leads until they’re ready to sell.3.

In the NE states, AKA tenant friendly states, I would always have a PM to help protect my interests.

I believe you know my good friend Keiton Stender at the Mills Group.

Low barrier to entry, low taxes, landlord friendly, and areas that appreciate + cash flow. 

If you are in a state where eviction cost is high and it is tenant friendly you may need a higher credit score to offset default risk and eviction cost.If you are in a landlord friendly state where it is easier to get non paying tenants out you may be able to handle more none payment risk.