Is the 10% pref and 50/50 split fair given the risk and potential reward?

Consider what questions the potential mentor may ask and how you would answer.

What do the numbers look like on a potential sale?

If you agree to replace these items, I'd be willing to bet that they'd just assume that they can get you to replace any appliance they just don't look of. 

It's crucial to estimate the total cost of these renovations and weigh them against the potential increase in property value or rental income.

Repeat that research at the county and state levels. 6 review all info vs your UW and see if there is a land value above $0 that makes the deal work in today’s market. potentially consider a JV project with the property owner after doing the above as a way to make the deal work. it’s not impossible right now based on your question but it is very difficult right now to get the numbers to work

If you got the property using a second home loan, you want to be careful with the amount of days that you stay in the property.If you stay in the property for more than 14 days, it may potentially be hard to utilize the losses against other forms of income.

The PM doesn't seem to be doing a good job of screening tenants and with multi unit buildings if one tenant gets away with not paying the rent, you can bet they talk to the others who then do the same.

There is no real concern about wasted effort "hand holding" many potential buyers. 

You might also meet someone that could be a potential business partner.