Utilizing the years of experience from the people on the forums will allow me to talk intelligently with a realtor, the property manager, the seller, and so forth.  

Definitely prefer cash flow options, but im open to the other concept.

Is it worth the money to level the concrete in the basement of a future rental?

It would be a lien placed on the entirety of the property that is deeded in both your names (or in your entity, if you closed in the name of an LLC).If you plan to take full control of the property, you could refinance in your name/entity alone with a cash-out and pay your partner off with their equity share.

You came to the right place, Brad! 

What town is the property in? 

I already owned a home not on the water.

If you are doing the work and labor it reduces some of the risk but to me we won’t let at that high a ltv

It means they can help you accelerate the depreciation on the property, which will help you lower your taxable income  

Does the property you found need any rehab?