Secondarily, if I had a buyer for the land before I close, could I structure the purchase to include them without doing a wholesale deal?

Property comes with amenities such as swimming pool, outdoor grills, playground structure and each unit has washer/dryer connections.

My understanding is that the ballpark standard of "unless it would be outrageously tough" (something along those lines) is what applies if you're doing a rehab, seeking new permits, doing structural changes anyways, and things of that nature.For existing pre-ADA structures, my understanding is that the standard is more along the lines of "if it can be easily/cheaply done, you have to do it."

Quote from @John Keane: @Jay HinrichsGot it, I will definitely re-evaluate my profit split structure after what I have learned here. 

Additionally, regarding the legal structure, an LLC seems to be the most suitable option for our situation.

Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure.

I currently am a resident here (so distance is non-factor) and I possess some handy skills that could save renovation costs (besides HVAC, structural issues, plumbing, electrical work).

Depending on the severity of smoke damage and structural issues, it could be a huge challenge for first time flip.

It’s crucial to consult a real estate attorney and tax advisor to structure the transfer in a way that minimizes tax consequences and aligns with your objectives.

Quote from @Gregory Banks: I would hire a structural engineer. $1,000 inspection could save you tens of thousands.