I spent hours last night pouring over this forum and hadn’t  found anything that quite addressed my unique and frustrating situation. 

Assuming you don’t have it under contract yet, and aren’t comfortable sharing the address on the open forum, PM me and I will give you a background of the property and the issues you may have in doing what you’re invisioning.

Here is that property address and contact information.

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.

I have an out of state deal with a seller, we have an agreement that takes effect after a lien expired in September.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

It looks like a potential hoarding problem and I'd like to address it asap. 

When you partner with someone, the money they put into the property isn’t counted against you as debt on your credit score which can have a negative effect on your ability to get loans etc. that is one of the benefits of partnering with others.

You should call your local PD and give your name and address of squatters.

I'm happy to invest in improvement, but concerned about fundamental issues with the buildings that may be more difficult to address.