We live on the west side of town and a lot of the major shopping is on the east side, so we naturally drive by several times a week.  

. - Speaking from experience after several successful roof claims...

Ultimately, the answer is vague as it depends on property analysis in conjuction with investment strategy and associated risks. 

I don't know what a typical split is, but since they are doing most of the work and taking on the risk of the construction loan, maybe it's a 20/80 split or a 30/70 (30% to you, 70% to them).

I like to provide the fix and flip opportunities to local investors, and the stabilized cash flowing rental units to both local and out of state investors who are looking to add this type of product to their portfolios, as there are several, high quality full-service property management companies in the area. 

Ideally I want to buy something in Florida that I can keep part of the property vacant for me to live in several months every year.

However, my initial thoughts on this scenario are around risk management.

There are several areas throughout the country that offer these things and more.

Doing so will help mitigate the risk of getting into a property without knowing all of the issues, good and bad, about the property.

There are several variations on this and Bill gave you a couple of them.