Depends on how will be doing all the leg work and putting up the financing. are you experienced or is the new partner bringing the experience. if you are putting financing and leg work then I will go with a higher %. if everything is split evenly then you can go 50/50 on profit. please create operating agreement to avoid issues later down the road.

If it is too high to trade for a larger property go the other way for something lower than what you sold for even if you have to pay capital gain for the variance the capital gain tax is greatly reduced starting this year. 

I think it is related to the high property taxes, high cost of living in NJ in general, the new SALT law and creeping mortgage interest rates...those who don't buy with big profit margins built in will be challenged to make money when they exit the deal. 

Since there's not a lot of upside equity potential, would you buy and hold and keep generating $700/mo, or establish a good rental history and sell it off for $60K in a year or so, potentially putting $28K in profit back to the IRA?

If your going to add an serious equity and sell for a profit, it most likely wouldn’t be in good enough condition to pass FHA loan.

Being a Realtor is one of the most profitable real estate businesses you can run if you are a top producer.

If it's a larger organization, feel free to inquire about their different staff qualifications.2.

Some split the profits too, but it does not seem as common.

I was a Personal Banker before that which gave me some good exposure to lending, primarily doing refinances and referring new purchases or larger deals to a mortgage partner.

The costs alone will massively eat into your profits and a home run might become a base hit, at best.