We'd each contribute equal capital into the partnership, but our competitive advantage is that he'll live near our properties, is an extremely skilled contractor, and can thus manage and repair/improve our properties more affordably.

Essentially, there must be a paid parking footprint in the area already.The ideal asset would cashflow from day one with the ability to add value via technology, operations improvements, and/or NN lease addition (or renegotiation).

Specific home improvements that are more expensive such as home extensions, new landscaping/pool, and backyard upgrades should be looked at as long-term projects that will help you get more value when you are ready to exit.

Are you looking to cash flow or improve tenants/rent and then resell? 

I am having trouble understanding how to appropriately evaluate the property's value - is it based on the current "market" value, the 2020 tax assessment value of land and improvements, or from a bank appraiser who would be used during the purchasing process?

They can help identify good neighborhoods from bad, identify potential problems the property may have(such as neighborhoods that may have subsidence issues), identify improving areas, and have a list of competent contractors and inspectors.

Based on the market and the improvements I would bet the property has increased significantly in value. 

As I’m sure you now know, you should have released the money in draws After you had phases of the rehab inspected, so you knew your money was being used to improve the asset you had as collateral.

We will be making improvements to the property, and are using our in-house property management arm.

I have been watching the podcasts on Bigger Pockets as well as just listening to them when I have the time it improves my knowledge in these areas, and hopefully be a very useful problem solver for a lot of people in my area or any areas I choose to expand too.