I would not buy something that needs mild renovation out-of-state as a brand new investor as you will not be able to manage it and will pay 4x the cost and it will take much longer and you are likely to get scammed if you have not built a proper funnel.

I've written these up on a bar napkin myself, but @Stuart Udis might have a better version or idea :-)

That leads me to where I am now and some of the thoughts and ideas on what brings me here to make this post.

He did get some money from Insurance, but not enough to properly facilitate a quality rebuild.  

If you want true asset protection, hire a property manager and make sure your attorney reviews that contract and get proper insurance. 

I don't think it is a good idea any more than you should also get your insurance broker's license, your title insurance license, your contractors license, roofer's license, and while you're at it HVAC certification, Electrical and Plumbing Master licenses.Some people do both, but I think for the majority of people there is enough to keep up with on either business that if you try to do both you do neither the justice it deserves.   

I however have no idea how to go about structuring a deal that would work for both the investor and myself for something like that.

Another idea perhaps more leverage than anything would be the threat of a forced sale where OP would collect first every dollar put into for the property over the years before the pot is split. 

There are so many factors to this questions, but to get a general idea if it makes sense financially.

You can give a written notice to vacate, however, if there is pushback, you will need to take proper legal measures and file for eviction.