That's the type of property we love to tackle & the electrical is the fun part. I

It is my understanding, therefore, the default legal status would be a partnership.A Partnership says each party has equal liability.

The part I know least about is the financing of deals.

My RE agent didn't seem to have an issue with that plan as long as everything was documented and agreed upon by all parties. 

It is a written contract. written contracts can always be changed as long as all parties to the contract agree to the changes.

Best part is you wouldn't even need to find the buyers, more money if you did but good chance you don't need to.Anyway give it some thought & good luck to you as it's a much more sophisticated way to learn.

The screening service is free for all parties, I’m sure you could ask them for a sample report.

Recently at a party I met someone from the HOA industry who basically told me that all HOA software is either terrible, hard to use, too expensive, doesn’t do exactly what you need or all of the above.

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

If your goal is to own the property yourself and you need the down payment money you could bring on the other party as an investor only and pay them a preferred return of say 6-8% and not as a partner.