Has anyone ever created a partnership with a vacant home owner where owner retains ownership of the property and the other person (me) acts as a property manager for renting and they split the profits.  

Any way they have suggested a 60/40 split on the profits.

Once you have all that information, you then should look at the profit potential vs putting your money into a stable or slight value add property instead.

My margin here after selling/holding costs is roughly ~200k, of which I expect to spend 60k on renovations excluding the window replacement. 

What I do is I calculate the estimated profit I would make from a fix and flip.

@Marty Summers If your end game is to fix the house up and sell it for a profit why not just go ahead and do that?

I have several friends/clients and personally even bought a car with crypto profits (though I'm now out). 

But there is a LARGE margin of error.

The past two years I have done eight deals which were all profitable.

The estate manager and family members are wanting the maximum profit and are willing to wait up to a year or more to sell each house individually.