When you Rehab a property you are trying to get it to a condition that it will appraise at the current Fair Market Value (FMV) for similar properties. 

I always went above and beyond the typical agent duties by getting very involved in the due diligence, dealing with county/ city planning and zoning etc, for two reasons, because I loved it and to help ensure my deal would go through by providing as much information to my client as possible to help them make a quick and intelligent decision.

What is a fair way to split profits on this transaction?

I lead a team of analysts and work very closely with my executive leadership to ensure the growth of my company.

That said, ensuring that you have some capital in reserves is necessary.Not likely to increase rents much in our market by installing home automation.

Dear Tenant, In order to ensure your continued safety and meet current code standards, it has become necessary to perform extensive modernization of the elevator system in this building.

Save that stuff for something that can't be well defined.Fixed price works better IF you come up with a fair/attractive price point.

A hodge-podge of updates over 100+ years have left the houses with awkward spaces and outdated everything.The larger house is 1,625sqft duplex with a 3 bedroom unit on the first floor and 2 bedroom on the second floorThe small house is 1,150sqft duplex with 1 bedroom on the first floor and 1 bedroom on the second floorAsking price (FSBO) is around $240k for both (7 bedrooms total, 4 doors) but I'm fairly certain there is plenty of wiggle roomThese houses need *complete* remodels.

However you plan on buying, get started early.4) inspection/appraisal/survey - ASAP5) contractors - Either pay a GC who can never get the work fair price for delivering a scope of work for other contractors to bid on or generate the scope yourself. 

fair points and thank for for responding.