Managing you personal incomes and expenses is an essential tool to master before becoming a landlord ... investing in a rental property is all about analyzing and managing income and expenses too, only with financial leverage (debt) added to the equation. 

Your other price points are fine...but as a passive investor, you don't need them in the equation.  

Part of this equation might mean moving to the East Coast, which might give me some negotiating power with her! 

Rents in our area are really good so that potential split could possibly equate to a 15% on his investment.

So in essence, after refinancing I would pay back the lender and recoup my out of pocket money, and the final product equates to me owning a property without being out any money.

On the other side of the equation if you were to sell now you do stand to make good money off of it and maybe tenants are not your thing.

Long term investor I would equate to more so looking at equity in the property for big gains 5-10 years down the line.

If you have a cash offer, or at least 33% to put down, do that and don't bring a partner into the equation.  

You can also have an agreement that the realtor in the equation will take a discounted listing fee, but they are at least making something as well no matter what it sells for. 

You need to know how to run and evaluate comparable sales in your local market, you need to know your local market conditions including, but not limited to average DOM, amount of solds vs pendings vs actives and amount of closed sales from the previous 8 quarters to get a good idea of where your market is and where it is likely going.Finding real cash buyers (also part of this equation) is the easy part, finding the real deal with a real spread for a cash buyer is the difficult side of the equation and you only get there by knowing how to properly evaluate ARV's and rehab costs.