The goal here would be to split all profits and non-mortgage expenses 25/75 (he is responsible for mortgage expenses and will handle the interest deduction on his personal tax return).Lets assume for the time being that he is quite credit worthy, the lender is okay with the title transfer if he provides a personal guarantee and I am okay with the external lien on the property. 

Not sure whats going on with the math, but you are looking at a cash flow negative property in hopes of turing it arround on a number of assumptions, which may or may not materialize the way you expect and hope they will.

A good place to start is with @Dave Van Horn's two BP podcasts (#28 and #273) and his recently released book as well as by looking into @Scott Carson's material.

I have been studying material by Dave Van Horn and so far that has been the most helpful. 

Just wanted to followup with you, here is an article about metal roofs you can read. as @Matt Gragg pointed out, yes, if you are by the ocean it can corrode a lot faster, but it depends on the material you use, the cheaper material will corrode and thats why you have to do your homework and see how much you want to spend. here is the article: http://www.metalroofing.systems/top-70-metal-roofi...

I live in California and contractors want at least 1-1/2  the cost of material .

You are not on salary.You may only charge for material.

But here's a rough idea of the basic steps involved and what it cost when I did it: STEPS:~ Drain the pool~ Remove pool equipment & cap off water lines~ Remove/cap off any unused electrical~ Knock down the edges around the pool and make holes in the bottom of the pool for drainage ~ Fill pool with "clean fill" material (i.e. soil, gravel, rock, sand, etc)~ Tamp the fill material as you put it in to compact it and reduce the chance of it settling over time once it's all fullCOSTS: (we did the labor ourselves so this is just for the material)~ $450 to buy a jackhammer to knock down the edges around the pool and also to make the holes in the bottom (we could have rented a jackhammer for cheaper but this way we own one and can use it on future jobs)~ $1600 for the fill dirt (it was a lot of dirt!)

Seeing that you're in South Whales, definitely take multifamily advice with a grain of salt since some of the materials you'll find are US-specific, but the process and fundamentals of finding deals and partnering on deals will be universal.

We did a DIY asbestos remediation of asbestos shingle siding underneath the aluminum siding that made the building look straight and square... got lucky and was able to dispose of it nearly for free at a Hazardous materials disposal event nearby.