Hi @Greg Junge, I agree with @Ryan Swan and think you need a bit more skin in the game or your relationship with your partner may go south pretty quickly. 

They have more skin in the game then you do.Make sure you get clear title.

I know its ultimately up to me but just looking for advice with people who have skin in the game.

Most hard money lenders actually require more skin in the game than conventional or FHA financing. 

Make THEM (potential tenant) pay the application fee so they have skin in the game. 

With popcorn ceilings, or hot texture in general, it's next to impossible to cover or encapsulate without creating some dust. 

Try to find some local investors that you can work for or maybe get into a dealer to with them with a little skin in the game to get them to teach you how it's done.  

YOU ARE NOT DOING THIS FOR FREE AND THEY KNOW THISDon't be afraid to turn their offer down if they try to low ball you after they know your contract price, IT'S OKTHE ONLY WAY WH WORKS WELL IS with CONTROLOh, it needs to be a cash buyer, no convential buyersJUST MY 2 CENTS BUT THERE'S MORE THAN ONE WAY TO SKIN A CAT

Typically, you just need more skin in the game when starting off, so, 20-30% for first time or newer investors, rates (9-12%+) and fees (2-5 points plus closing costs) will typically be higher as well and after you get a few completed and have the resume, you can start getting better rates and terms. 

The numbers are only going to get you so far.The numbers won't tell you if your GC is going to flake out and disappear three weeks into this rehab, if this dubious person hired a trim carpenter who doesn't know how to cope inside corners, if your flooring guy's going to assure you that of course there's no problem with having vinyl flooring in the kitchen of a home that you intend to sell for over half a million dollars, if you have plans on replacing those Lowes bargain bin flushlights in the kitchen and hall with something else, if your drywall guy will eventually tell you that, sorry, he knows nothing about plaster repair in structures dating from the 1920s, if that ceiling in the living room is popcorn, painted popcorn, asbestos-laden old painted popcorn, or just a knockdown texture finish, why there is a washing machine in the kitchen, and the hits just keep on comin'...Get in the weeds of the rehab analysis, Alon.