That implies a tax value around $350k if you have homestead exemption or around $280k if you don't.

If you are not confident in all the contract clauses, what they mean and what they imply, you have a couple of options.  

I didn't mean to imply that a "plex" in a SFH neighboorhood is never a good idea, just that if it seems like TOO good of a deal it may be because the location has made it difficult to own.

many times when a trainer/guru refer to "no money down" they are referring to the art of wholesaling or seller financing(owner carries a note) or using private money(money from someone who is willing to invest in your deal) or doing a J/V(joint venture) where you find the deal, they fund it, you refinance it, then pay them off.  

Buyer’s inspector said there was a sag in the sewer line about half way to the street and implied that it needed to be replaced.

You imply it is on. 

I don't do it any more however I absolutely see the need in hiring a trainer.

The county says they do not bill for water service, which implies there's a well (and septic) but the county says they don't have any records prior to 1992 and they have no records (permits) for this property (after this time).

There are a lot of good podcasts and inexpensive trainers like Kevin Ward.

So lets say the money invested by the one partner is $40k The profit on the rehab sale is $100k Does each partner get $50k = a $10k profit for the investor or Does the investor get his $40k back and they split $60k Thanks How the split is done is between partners, but 50/50 implies splitting the profits.