@Jonathan Klemm I originate private loans, so I also handle the financing aspect.

A deal this small wouldn’t make sense as a partnership unless the original intent was to scale and grow together assuming this deal works out.In regard to the financing, if you can’t get it on your own without someone else’s balance sheet and income then it would be very difficult to untangle that partnership since he’d be a personal guarantor right along side you.  

I am a high performer and run my own territory.

Then mortgages get collateralized and sold to Fannie or Freddie so they can keep lending and make money from the original fees.

I added value to this property by preserving its original architectural features while modernizing the interior.

Calling a FSBO wasn't the original question - it was "text blasting".I cited some very solid sources above that are worth reading. 

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I posted a bit about my experience here: https://www.biggerpockets.com/forums/88/topics/406311-jacksonville-fl---sfh-new-constructionhttps://www.biggerpockets.com/forums/92/topics/501414-data-points-multi-year-turnkey-performance-your-experienceMy property is cash flowing well. 

Then you 2 would agree on how you would split the profits once the property is generating cash flow and the original equity is returned.

No Specific Performance": Without the remedy of specific performance, you can’t require the seller to clear the title and complete the sale.