So one possibility I was considering was some deal whereby I supply initial capital and he can earn his share of the equity through the property management fees and I essentially become the hard money lender for his share.

Most of the sites I have used provide a bevy of background information on each investment opportunity.In fact, many of them allow potential investors to ask questions regarding the investment prior to committing any funds.Based on this criteria, Realty Mogul gets the slight nod over their competitors based on the information that they supply the investor.

Is it normal that the tenant would call the "Emergency" number the property manager supplied and the response didn't happen until 7 hrs later?

Our painter, which gives a great deal for painting, quoted us ~3000 for labor an supplies to do the texturing.

Not sure about those two cities, but some require hard-wired, interconnected smoke detectors - costs more to put in than regular battery operated...Also, generally to North Texas:  it gets damn hot down here, so HVAC systems take more of a beating. 

Not sure what kind of supply of contractors you have in Jeff City, but you should do some more digging.

After I drove to the house with my truck loaded up with supplies to repair a floor and wasted a ton of money on gas, I find that a few peel and stick tiles had been damaged by the tenant.

Smoke penetrates everything: insulation, carpets, any unsealed wood framing-interior of cabinets-lite fixtures, hvac system, etc.

Asking price was $150k and we wrote the offer for $145k using the proof of funds letter supplied to me by the lender with two contingencies: firstly, that the financing got final approval following the lender's appraisal and secondly, that the inspection did not reveal anything above my rehab estimate that would blow the budget.  

You also have to watch the expenses, pretty easy for them to buy tools and supplies for other jobs on your dime if you aren't paying attention.