I say if the tenant damaged it, it should come out of their security deposit.

@Jorge Barboza Jr.Tom is right, determine each player's roles and contributions, including time, talents, and money.You may even decide to have one party active and the other passive. 

I am also a lawyer so secured notes don't scare me either as long as they are local, because I can foreclose on my own liens and I'll end up making more money in attorney fees than my original payout.

I believe I can be able to service your needs with a more competitive rate and help secure a better rate on your ROI, if you would like we could chat, go over your needs and see if I can add value to your situation and hopefully save you some money compared to what you will be paying a property management company. 

Your security to being paid back is a second lien.

I already have experience managing properties and I’ve been learning a lot about renovations (I just can’t do most of the work right now due to the pregnancy), so I’m trying to find the best route for me now while also securing a little home for my little family.

I can bring capital to the deal, partners and then a combination of loans/hard money to secure the property and start the rehab.

Their security deposit is only $400 which doesn't even cover the cost to paint the whole unit. 

Its not enjoyable to do remote rehabs and distressed property in midwest and midsouth markets are sometimes in rough neighborhoods which is best left to the local players only.You can learn about syndications which do involve value play when asset is sold within their time horizons

Real estate attorneys, closing attorneys, fair housing attorneys, and securities/syndication attorneys are all different.