(I understand that the split is whatever we agree on -- I'm looking for what is typical).2) Same situation as above except that there is a mortgage involved.  

Use rental income to grow savings and continue to invest in real estate without getting personal property involved. 

There are quite a few ways to get involved.

If I am unable to land a well paying job right out of school are there ways to get approved for a loan that do not involve a current income? 

Besides the loan originating, have you been involved with real estate in any other way?

I know a lot of variables are involved but just trying to get a feel for how big a deal this is.

Do as much research as possible on the property and find out the title situation from the seller...if multiple signatures are needed, make sure they know that you need to move quickly since others will be involved.

The property is riddled with multiple liens and has 75,000 in back due property taxes.

By the look of the addition from the outside it doesn't seem like an architect was involved at all.  

Get multiple quotes for work to be done.