Apart from the profit split (50/50 as you've mentioned), you should really focus on who has effective operational control i.e. who has the decision-making power.

Get recommendations from local investors.Next, you need to setup a limited power of attorney, authorizing someone you trust to make decisions when you are unavailable.

So yes, we were pretty poor lol.

You will regret allowing dollars to make your business decisions for you. 

*Provide information about rental rates and other terms and conditions of the rental, as set out in a schedule provided by the owner, and*Accept deposits, fees for credit checks, and other administrative duties, security deposits, and rent*Provide preprinted rental applications and respond to applicants’ inquiries about the application*Show rental units to prospective tenantsAs you can see, a non-licensed, non-resident manager is limited to performing rather routine tasks that don’t call for initiative or decision making.For instance, this manager would not be qualified to negotiate a lease (4), deal with late rents or other violations of the rental agreement or lease (5), or appear in court on your behalf (6).(1) My property manager does NOT live on any of the owners properties.(2) My property manager is unlicensed.(3) My property manager supervises 10 different properties.(4) My property manager has negotiated leases for 12 years without a license.(5) My property manager has dealt with late rents and violations.(6) Unknown

Don't sweat the small stuff...paint if it needs it, make a decision, and move on.  

@Marcel K. keep your money in the bank until you are educated enough to make that decision for yourself.

I’ve read every book I can get on the topic including; rich dad poor dad, long distance real estate investing, the book on real estate investing with low and no money down, the book on rental property investing, and finding and funding great deals.

They will help you make smart decisions and avoid mistakes especially with the new tax laws. 

If there is, then you could be bound to the decision of a mediator who might say you need to perform or who will fine you.