David, we transferred to VA from Atl in 2004 and over past several years bought a couple rentals in GA and may move back in GA.

Noise transfer floor to floor with trusses can be quite loud especially with hardwood floors.  

Equity partner to contribute 90% of investment capital (I put up 10%) in exchange for 80% ownership (moving away from pref returns since difficult for sponsor to get any cash flow before sale).

@Miranda Mayuiers To echo what Ozzy said, depending on how long you have owned your current home and the current ownership structure, you could maybe buy as a primary residence.

Existing contracts always transfer with the sale unless all parties agree otherwise.

As I write this I feel I might have to pay taxes on the profits from the sale/transfer.

You will pay for the purchase fees and refinance fees out of this, which adds about $3000 fixed costs- appraisal, title, escrow, transfer tax, recording, notary+ to your numbers.

Alexander,With Condo ownership, the Condo declarations and bylaws govern who own what parts of the building and in this case who is responsible for paying for the repairs.  

My plan is to retain ownership of the property after the refinance and split the profits.

You can talk about this is how we will  manage the property and not use ownership language all the time but concealing ownership just doesn't work in some environments.