Doing it this way, it looks like (to the irs) I made all the profit even though it we split it in half.

IMO those problems are much larger in proportion to the size of community.

Conyers is an area with a lot of available land for building so mostly larger builders(over 300 homes a year) dominate.

To get you started, please see below:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider

I'm going to find a way to make it profitable though.

3) Should I skip this step, and go right to larger multi-family units, partnering with other investors?

What im looking for is an industry standard or guide for multi family unit's net profit after all expenses including debt services.

I already know the taxes for both properties and I have called the utility companies to get a round about number for utilities, but I wasn't sure if there is a specific document that may give me a comprehensive overview of the profits and losses for the current owner. 

You should look at:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider

., so far below fair market price at retail that the repairs can be covered as well as your profit and the flipper's profit in its eventual retail sale -- or 'buy-and-hold-to-rent-out'er's profit before they would expect to get it rented -- plus the title search, closing, and any tax costs related to your purchase from the seller (usually split somehow) - and finally, the title search, closing, and any tax cost split with whoever buys it from you.Now, that someone could be you (you do trust you and your repair-estimate abilities, don't you?)