I'm trying to figure out a fair way to split deals with my son.  

Rent is $1,000 per month, there is no mortgage, taxes $3,500 with the tenants paying all the utilities so the cash flow is very solid and it will be fairly easy to rent in our hot market.

Ya I was going to say this is right up there with tax evation and other ways to screw the govmit.. dont' get caught no big deal get caught and you will probably wish you had not.. plus its just not fair to the investing public..

I’m in it for cashflow and long term, so numbers need to work now, but I can generally work with a 5 cap if there’s room to increase rents with fairly minimal work involved (kitchens/baths/floors).

It will be fairly apparent as to which way to proceed based on location...happy hunting.

@Carlos ZapataWhat terms would you advise I ask for to be fair for both parties? 

Larger Industrial property is a fairly hot area right now due to the e-commerce boom so you might find a bank that's interested. 

I'm a fairly new flipper, I've only done 6. 

Would you consider this a good or at least fair investment?

I'm looking for a cleaner to help with turnovers who prices fairly AND is insured and can provide proof of insurance... having issues finding someone that fits both of those categories.