This building, on the surface,, doesn't seem super complex from a numbers standpoint.  

Bigger Pockets has already been extremely helpful and I have only scratched the surface.

On the surface the numbers look good, though.  

As of last week, Waste Management now requires that you have any suspected surfaces of asbestos to be tested before they will schedule or deliver a dumpster for construction demo.

I would propose there are a few factors when considering this decision:1) Most RE agent licensing will only scratch the surface of RE law, so the education you do get during your studies may not prove fruitful in acquiring or investing in RE 2) You have to compare the costs of the license and to maintain it every year to what you would actually save or make in commissions3) Make sure the broker you plan to work with is friendly to investors, they have a vested interest in their agents to get listings and do traditional deals, I know a few agents who don't quite fit in at their offices, I've heard Keller Williams in general is the most investor friendly. 

There are a few trends that look favorable for Bakersfield...Oil....if it holds above 50, it looks like the worst of the pain is behind us.Water....farmers will have ample surface water for the first time in years.  

Use that to fill the gouges almost level with the existing plaster surface, then fill in the rest with a nice even skim coat.  

I don't see on the surface where this financing would be a problem if it was something you wanted to do anyway.

I am sure the right one will surface.  

Being a newbie, I think I wrestle with knowing basically what I want to ask, but struggling to articulate it or think of the questions below surface level.That said, in your examples, I'm initially considering something closer to option 2: equal split, both people involved day to day.