Does it make sense (and is it fair) to offer a 50/50 split on rental income, as well as 50/50 split on appreciation when sold?  

Obviously if your other choice is 2% in a bond it may be a preferable investment if the building has been well maintained - at least IMO. 

The tenant would pay all utility bills as well as maintain the yard.The house is in good condition and has no immediate issues, all the the appliances are roughly 6 years old. 

Full disclosure:  I am fairly new myself so the folks above my post here it would appear have given you some solid advice, I couldn't agree more with @Stephen Akindona, it comes down to what works for you.   

This is fairly simple for a local architect to look up the specifics within the zoning resolution.

He'll avoid a capital gains hit and get steady income for his first ten years into retirement (he was going to just stick the lump sum in savings or a CD), so I knew this would be appealing, even at a fairly low rate.Keeping my fingers crossed.

I am fairly certain that the metal poles are all set in cement under the dirt, I pulled one of out and it was braced in with cement so I am guessing that the rest are as well.

Toujours ouvert à faire de nouvelles connections 🤟🏽

It is fairly easy for tenants to sign up and they are able to link their bank account for automatic payments or do one time payments every month.

To be fair, he has been involved in real estate for decades (owned a manufactured homes company, flipped homes for a few years, etc.), but he is absolutely convinced that there's no way I could buy lower end homes in my city to rent without ending up bankrupt.