Consider what questions the potential mentor may ask and how you would answer.

Is the 10% pref and 50/50 split fair given the risk and potential reward?

I did explain to them their options they had (such as sell it on the market, keep it and file BK, get a loan mod, and credit counselors out there who could potentially assist).

It's crucial to estimate the total cost of these renovations and weigh them against the potential increase in property value or rental income.

Spend a couple hours reading and you'll know enough to be dangerous. 

Repeat that research at the county and state levels. 6 review all info vs your UW and see if there is a land value above $0 that makes the deal work in today’s market. potentially consider a JV project with the property owner after doing the above as a way to make the deal work. it’s not impossible right now based on your question but it is very difficult right now to get the numbers to work

If you got the property using a second home loan, you want to be careful with the amount of days that you stay in the property.If you stay in the property for more than 14 days, it may potentially be hard to utilize the losses against other forms of income.

There is no real concern about wasted effort "hand holding" many potential buyers. 

You might also meet someone that could be a potential business partner.

Review the seller’s maintenance records to identify any existing issues or potential problems.Do your financial analysis to factor in the current rent, estimated vacancy rate, maintenance costs, property taxes, and insurance to determine the property's projected cash flow.