Then simply lock it up in their name or a new entity name and give to them for your fee.If you do go the double close/transactional funding method, get your funds lined up earlier rather than later.

Redid everything, completely new electrical, new plumbing. removed a few walls. new kitchen.

Structure - I would pick a marketing method that you can consistently afford for the next 3-6 months, basically until your first couple of deals, and just stick to that marketing channel.

Wholesaling will allow you to take off-market deals that you secure through your preferred marketing method and then assign them to a buyer for an assignment fee.

I am wanting to know what the best method would be for record keeping of the split cost (For Tax purposes mostly) I have a couple of ideas below of what I think could work but am looking for insight.1.

It's nice for them, but not always the most efficient or effective method for the Landlord. 

The easiest sell to me if you can't bring money is find a value add property and explain the BRRR method to people who have money (basically if the deal is done right their money will be tied up for 6-9 months and then they get it back at refinance), you find the deal and manage the rehab of the property.

As well, being a single resident of my home, I am also going to try the house hacking method and rent out one or both of my extra rooms, depending on what ends up working out.  

If you're looking to leverage the value of your home the best method I know is a HELOC (Home Equity Line of Credit).

There are several tax methods available that can increase your cash-flow on properties you invest in.