I plan on stating in the lease absolutely no space heaters as they draw a ton of amperage.

Other hidden costs you need to consider when evaluating HM lenders:-Applications Fees-Administrative Fees,-Commitment Fees-Underwriting Fees-Origination Fees-Loan Servicing-Rehab Draw Fees-Inspection Fees-Interest paid on undrawn rehab budget?

The  unit is rented consistently and is functional but also needs upgrades, new siding (has 2 layers), Some rooms could benefit from re-wiring and more insulation,   Painting is always an issue as it is not plaster but older thin wallboard. kitchen is fairly new, bathroom could use upgrade, upstairs bedrooms have some pitched ceilings but I don't think based on the foundation/construction it is a candidate for a full second story and it had a new roof a few years ago.

Be sure to eventually narrow down your specific buy-box (your investment property "avatar" based on your Goals, Returns/Appreciation).

It is based on the year of purchase.

Just meet with an attorney who can draw up the agreement with the percentage of ownership with the terms of the agreement and then on deed, it would list both partners as owner with their percentage and it would stay that percentage for capital gains and expenses pro ratta. 

And not only extend inspection period, as you noted, but also clearly state that further negotiation can be done based on any issues outlined in report.But overall, based on what you wrote, this sounds like a pretty reasonable seller.

based on what I looked at with the calculator the mortgage is around $2400 monthly not including extra fees. if rent is around 2000 a month you'd definitely be under.

I just have a generic one for me and the cleaner and then change the codes based on the guest phone number.

It's not a good use of an experienced flippers time to set up a Zoom or meet you based on that post.