What is a fair way to set up the partnership?

Even if you're living in it.One thing the city really don't like and are cracking down on is the larger apartment landlords who one way or another force/trick renters out of their RSO homes and then set up like hotels.  

Right now I'm setting up appointments with local investors that I know to pick there brains.

@Kenneth Mooney, I got cold feet and never followed through with it.

My advice to you is to polish your skill set and refine your goals.

The 1st few deals I did I completed them without having an llc set up.

- Saves buyer hundreds of dollars and several weeks in setting up their own local LLC.

No pictures on the listing but it was right next to the local hospital and I could see prospective renters being young professionals/other good renters.Called the listing agent and set up a viewing for 4 PM and agent sounded very happy that someone was interested in the propertyWhen I went to go see the place it was a complete gut job. the roof was in good shape and the foundation look like brand new block foundation but the rest of the place was completely destroyed.

You set your rents as you please.

Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!