If it is a first and main location, I would not sweat it too much.  

You have to live there for at least 12 months, but this will minimize your cash equity needs and maximize your ability to invest sweat equity.For a single guy wanting to get into RE, that is a no-brainer.

No sweat!

@Nick James that looks like a great deal, of course only after a lot of sweat equity was put in.

They have really put in the sweat working with me.

There may be success stories on here how people flipped a property with zero down but in these instances I would bet either A) they were completing the work themselves with sweat equity or B) they were the general contractor for the job.

What would be a fair split for this situation (Assuming we put equal amounts of sweat equity into renovating and property management)?

But either way, you'll get appreciation through the sweat equity and rehabing increasing the properties value or by also increasing the rents.

They probably need some work, but if you want to househack it may make sense to find a small multi unit building and put some sweat equity into it.I own several small apartment buildings that were purchased at a discount due to the deferred maintenance.

@Jill Rossi - don't sweat it.