Do you have funds to cover repairs and turnover... 

@Vanessa B. while this can certainly be done, I do not recommend development projects for a newbie.Too much risk and hard to get funding.

Absolutely not.Another aspect of that, they can't take into account other aspects of desirability/lack there of.

One idea would be for me to contribute 20% of the funds plus everything mentioned prior while he provides 80% but we split the profits 50/50 what are your thoughts and/or experiences?  

And you'll lose your sweat equity or whatever else you've put into it (maybe repairs funded from rents).

I have seen loan documents that were written so that the investor had no possible way to ever access insurance funds - but they still had to pay to repair the property.Here is how to tell if you are at risk you may not have been aware of.1.

Too many other debt sources without the red tape to deal with and expensive legal costs to close the loans.Credit union, bank, Life Insurance, Pensions fund, Private investor loans etc.

He could use his financing to fund it.

After the account is set up and funded account owner can use it to invest into virtually anything, including private lending, rentals, etc. 

Same document sheds light on your other thread in re:"In dealing with the buyer, a seller's agent should (a) exercise reasonable skill and care in performance of the agent's duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of the property, except as otherwise provided by law."