What is the typical % of profit split in this type of scenario?

I've seen similar promises here in NY and it turned out to be 2 Loans - Loan 1 was a credit card cash advance and the second a more typical hard money loan.  

All US business require an employer identification number (E.I.N) from the IRS to support tax filling and reporting.

you report "Man, I gotta go check out this neighborhood for a possible house sale, but I'd love to have some company - come with me!". 

Although I see some lenders a bit more west of you doing 100% of purchase , 100% of rehab loans they are typically in CA and reserved for experienced flippers.The best I've funded this year is 90% purchase 90% of rehab (For borrowers with low 600's fico, 4-5 Points close, first time flipper, and rates in the 10s.  

Step Four:Contact a local Real Estate Broker and ask them to give you a list of all the houses in that neighborhood that have sold for cash within the last couple of years (these will typically be cash investors).

While doing my research I have noticed that a common theme for most first-time investors is that your first deal is typically the hardest, but, after the first, the rest come easily. 

Co-signer or not, if they don't have a job and can't get one quickly, the rent can't / won't be paid.Still may be a good idea to get a co-signer, but I'd put primary focus on employment history and bill paying habits as seen on credit report from when they were fully employed.

Credit report is almost empty.

Typical ratios lenders look for are 2.0 for global cash flow and 1.2 dscr for the individual property.