I always hear of a 50-50 split in a case like you outlined.2.

As it relates to structure it is really whatever you want - key is just outline in your PPM what you are doing and how You can have it as one entity or a management entity and ownership of asset entity.

What you outlined seemed like a fair split. 

Outlining your SOW with timeframes right out of the gate is imperative or deadlines will be missed yet contractors still want to be paid yesterday!

@Steve K. did an exceptional job of outlining key first steps to take.

They might be able to shed light on the particular requirements and factors that apply to homes in your area.Make sure the insurance coverage limitations adhere to the conditions outlined in your FHA loan.

Here’s a general criteria that might be a good outline:-single or multifamily properties?

I personally favor markets/approach that's outlined in BP's annual rental market survey (here is the latest) - that is focusing on cities that have a good mixture of cash flow (driven by relatively low prices and strong rents) and appreciation (driven by good economic/demographic conditions).So my research generally consists of starting with the 50 biggest metropolitan areas in the US and narrowing them down based on which ones fit the above criteria the most.

I believe you can have co-gp's in a deal, the PPM should be written in that manner where it outlines which GP is responsible for what.

*Step 2- Tenant signs lease agreement with the rent-to-own clause outlining the details.