I'm not familiar with commercial rent, so I don't know if these rents are cheap, fair or expensive.

I’d be happy to run a CMA and give you a good idea of fair market value

I do already have a brokerage that I'm fairly certain I want to work for, but any other tips would be highly appreciated.

It’s immaterial since it doesn’t appear you can hazard a reasonable guess as to the fair market value.

A good realtor will be able to help you out, but a good PM will ensure your investment makes money.That 10-12k doesn't open you up to much selection here in Cleveland in todays MF market

Between these three you will have all the tools needed to  ensure a successful real estate beginning.Happy investing!

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

Treat him fairly and honestly but don't stress about how he's going to feel because he apparently doesn't care how you feel.

Does it make sense (and is it fair) to offer a 50/50 split on rental income, as well as 50/50 split on appreciation when sold?  

Full disclosure:  I am fairly new myself so the folks above my post here it would appear have given you some solid advice, I couldn't agree more with @Stephen Akindona, it comes down to what works for you.