First, I could use that for a down payment and renovation for a second house to rent it out on Aironb or long term tenant. 

I have another one with additional columns for down payment, rehab, invested, arv so you can also capture your total equity.

Now I am the landlord and live 2 hours away and switching the payment to be mailed to me by money order or personal checks.

What is my net worth ROI on my down payment and is this better than another investment opportunity.

Know you could always to a guaranteed payment / consulting fee, but think he prefers having some sort of interest.Any thoughts about what is fair. would be appreciated.  

However, I don't have a lot for a down payment so I would probably be buying with another partner.

.- it appears there is at least some non-conforming space.  

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Should we sell, we would be starting all over again with some good experience and cash in hand for another down payment or cash purchase in another market.