.: What is the 2% rule ? 

We would like to create a partnership where we are 50/50 partners and he brings the cash and I bring the experience, knowledge, and contacts ect.

Do we 1st do tax on the LLC and whatever we split 50 & 50 then each claims on their taxes ?

one of my clients that has a pretty big PM company.. had a unique way of doing this.He offered 50% of the first months rent or 500.00 minimum.. he would have 4 or 5 agents at the weekly meeting handout the list of vacants .. each of them would go place a sign in the yard and first come first served.. he found that potential tenants would call the first sign if no answer they called the next one until finally someone answered.. it worked pretty awesome for him. 

A good safe rule of thumb is half of a studio apartment but this is not a hard rule.

Cities and states have enforced this policy for well over 50 years and it always stood up in court.

@Dennis KnappJ Scotts book on estimating rehab costs is a great start. https://store.biggerpockets.com/products/the-book-on-estimat...Here is a "general" rule of thumb for my market in Jacksonville, FL.

We would like to create a partnership where we are 50/50 partners and he brings the cash and I bring the experience, knowledge, and contacts ect.

We will be investing 50/50.

The Charlotte area population is expected to soar by 50% by 2050.