We'd like to line this up in case an offer is accepted as we are located in Florida and will not be able to self-manage efficiently. 

A single family home 4 bedrooms & 3 bathrooms 2,140 sq ft, unfinished basement, 2 car garage, pole barn with additional 2 car garage & 8 dog kennel, updated appliances, roof in great shape, well septic & 2 acres.

Additionally, his equity split is Investor Equity (80.0%)Sponsor Equity (20.0%), is this also typical? 

Thus, if you ask your employer to withhold additional amounts for the rest of the year, the penalty can be retroactively eliminated.

Get your lawyer to adjust the terms to include additional partners.Never operate any partnership without a legal binding contract.

I had an engineer over last week who told me that in order for my retrofit to be code compliant (Chapter A3) we will have to add an additional shear wall under the house, which will be big $$$.I'm currently working through my options, and was hoping to get some insight from the forum on what my best path forward is.1) Do nothing and leave the house as is.

For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds.biweekly mortgageA mortgage in which you make payments every two weeks instead of once a month.

I am with @Tim Swierczek here - tenants are not going to pay the same amount of rent for unit that they also have to pay additional utilities. 

Am i taking on additional risk since they do not have experience? 

With regard to paying people to stand around, my thinking is to start with a part time employee with the intent of within a moderate amount of time ramping it up to a full time employee and perhaps 1-2 additional part time employees.