Do house flippers normally just split the profits ?

Their lifestyle could be attracting pests or otherwise damaging the rental.

Some other articles say that I would owe the full capital gains on the investment side (half the unit so it would be half the capital gains normal tax).

Like where I live, it's normal to do one month of rent for first, last, and security deposit. 

The McLean County Area Landlord Association meets at 112 Boeykens Place, Normal, IL 61761 Contact is Marti Ryan President.

A normal title company might vapor lock over a non standard deal like this, but your RE attorney can create all of the required paperwork to get this deal closed. 

That's why I warn sellers that setting too high a price, even if people would normally be willing to pay that much, would be screening out all but the most cash-rich of buyers and thus limit the potential to make an actual sale.

This is the single biggest reason to own both sides of a double unit.The risk you take on is that you no longer share the expense of the normal "shared expenses" such as a new roof, driveway, etc.

Normal retirees can depend on a social security check, but when you retire young you get far less based on less working years (less contribution).

As such, your investment will only be risked up to your capital contribution.You normally will not increase your risk unless you guarantee a note or increase your responsibilities to that of a managing member or general partner.Creating an extra LLC may provide some 'anonymity"