So I am looking for suggestions on a fair way to structure such a partnership, or is the only way to do it, to have him get 50% of the profits, while me and the other guy get 25% each? 

Welcome Hai, I am fairly new myself but am really enjoying the community!

I feel the same way sometimes, but in fairness, I’ve not even begun to exhaust my resources locally yet.

For the seven months, I just meant, rather than them getting the first year's annual payment 365 days after the deal, I'd start repayment at 183 days.I should note that we know the sellers fairly well so I don't think we're "scary" to them, but I know this is "unconventional."

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff. 6.

The numbers you came to seem more than fair.

Is yard repair and cleanup fair game against the deposit.

So I'll share why I feel that way.What has stood up to me was his responsiveness, not that I bug him, but he keeps me posted on major issues, and he is firm but fair.

It is also much easier to qualify as an RE professional if the person striving to be an RE professional does does not have other full time employment. https://www.biggerpockets.com/renewsblog/2010/08/04/basics-of-real-estate-professional-status-tax-irs/If we do two units of rehab in a year (each rehab likely takes a few hundred hours as the hours add up fast), then the wife qualifies fairly easy as an RE professional when combined with her usual RE duties.  

This is why they fairly much give away houses when rents get that low, there is no money to be made unless you are willing to slumlord it and collect rent personally with armed security or relie on section 8 only