Then we split the profits 50/50.This wasn't exactly what I had in mind at first (see OP). 

Highly motivated former Agent!!!

But more than all of that, find out what is motivating him to sell.

There's no right or wrong answer- I would just keep in mind the business won't magically blow up the week you drop out - you'll probably need to find a job & ask yourself which path will you learn the most and have the most time to dedicate to your RE biz.

Im always up to meet new like minded individuals

I will use real estate investing as a vehicle to free me from my "9-5 job" in order to spend with my family and live a purposeful life.I am mainly interested in buy-and-holds, but I'll keep my mind open for now as I am just getting started.My fiancé and I may very likely be moving to Germany within the next 1-2 years.

One thing to keep in mind though is that if you do win the bidding and put down your own 20% and then try to finance the balance afterward and it doesn't go through, you'll have to hit up a private lender (if you can find one), or file a Motion to Dismiss with the court to try and get out of the deal (and get back your 20%).

I am getting ready to meet with a motivated seller of a distressed property. 

If the numbers work then never mind the roaches.

Keep in mind that a low maintenance and repairs number can be a sign of deferred maintenance that you're going to have to pay for when you're the new owner!