My advice (based on my own personal experience with investing in the Columbus, Ohio market) is to secure the asset even if it's not bringing in as much as you desire (within your finanial means of course) because today is the cheapest that property will ever be. 

2) As a partial year resident, do I just include the resident portion of taxable income in the base, rather than use the non-resident worksheet? 

Don't wait for the perfect property, it the numbers work out then buy it!

Questions I'd have if I were in your shoes would be based around how the CAM expenses, management, taxes etc are going to work. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

The profit should be split based upon whatever agreement the two of you come up with.It would be unfair for you to put in the majority of sweat equity as well as the training involved to have a 50% profit split.

Based on the above projections I receive, I then "run the numbers" to see where I project to end up each month. 

payment based on performance?

There's no perfect software out there.

Here's a case study that would be dismissed based on your criterion:-Asset: Mix Use 11 Unit Building-Contract Price: $1.73M-Existing Rent Roll $15,800*Currently 1 vacant commercial space market rent $5,500 & 9 apartments all leased below market value (60 day termination provisions for each residential lease). -$650,000 Renovation Budget-Stabilized Rent Roll $25,400-"As Complete and Stabilized Value": $3.45MThat's a recent MLS deal in a B+ Philadelphia location with a credit tenant that's been there for 20 years in the occupied commercial space.