In my eyes with this type of set up make sure that all parties understand that this is a "business arrangement" and not "a family adventure" other wise people will get upset and feelings will be hurt, and we all know how the family gathering will go after people start getting their feelings hurt.Good luck and I hope all goes well.

I'll assume that you have buyers that you know and are working with to find the kinds of properties they want.For the most part, my buy and hold buyers are okay with this sort of arrangement, but my flippers who need a quick turn around would not be.

There may be a cash for keys arrangement you could work out to accelerate a win-win with the tenants. 

I would use the equity money i got to place a down payment on (This might solve your living arrangement issue) a duplex or tri plex.

I believe it was episode 560 where the guest mentions things such as arrangements, and briefly discusses some amendments he does to the standard leasing agreement:Hope this helps, happy investing!

Completing the cash-out arrangement as far in advance of the sale, and if possible, prior to the execution of the contract of sale for the Relinquished Property, is highly desirable.Liquidate partnership and distribute tenancy-in-common interests: Another possible solution is to liquidate the partnership prior to the exchange and distribute to each partner a tenancy-in-common interest in the Relinquished Property.

@Barrett Boone In my area no permit is needed so I pay for the tank, my handyman arranges the purchase of the correct one then I call to pay for it, it varies depending on the property and the install with the plumber is usually around $400 unless there’s an unforeseen circumstance.

BP's bookstore has great books for wholesalers, house-flippers, house-hackers, rental property investors, and long distance/remote investors.I would start with the book that most closely resembles your goal for getting started. 

At BP Con 2021 there was an auction for folks to participate in exchange for the generous donations received  A hand full of BP members donated their time to the winning bidders.Today I have the pleasure of the winning bidder flying into Portland Metro to spend a day and half with me going through all my development projects and take a deep dive into how we find them how we fund them and then how we execute.We will start at our 90 home project in Canby Oregon call Ivy Ridge Estates its perfect timing as phase 2 plat recorded this last week we have 4 specs ( now pre solds) in the process of going vertical and we are moving dirt laying pipe etc on Phase 3 so we will get to walk through and really jump into all aspects of how to build a subdivision from buying it from the owner who has owned the property for 50 years  go through entitlements  arrange partnerships  arrange  horizontal loans then vertical loans and on to marketing. 

Under what agreement/arrangement did you two agree to share 50/50?