Our current focus is working on 1-4 unit fix and flips, but eventually work towards being able to refinance properties and keep and cash flow them.My question is  tailored on the the way I should structure our relationship for the legal and tax base purposes.Should I secure the deals under my business and pay my partner out of my business operating account?

As Melanie noted, true CAM costs (but really NNNs) are billed based on actuals.  

You can build credit based on how your parents use the card.

Can someone provide me with some financing ideas other than the two that I just mentioned that would enable the other heir to receive cash from their portion of the equity based on its current assessed value and allow me to take ownership of the home, subsequently remodel it, and rent it?

From my phone conversations, his videos, and emails I feel very comfortable with David,   I also like his approach to the rehab or fix up of properties   That is, he doesn't just rip and replace , he evaluates what is good and works with it to suit the market he is working in. 

Cap Rate is 0.43%, and Cash-on-Cash Return is calculated by dividing annual cash flow by total cash invested.The property's annual cash flow is $1,268, calculated as $1,268 - $2,932 based on a 20% down payment and a 6.5% interest rate over 30 years.

I had a feeling you were doing Padsplit based on your configuration.

As a result, I am late in sending these forms, and on top of that, the only contact information I have for this contractor is his phone number.

They will look at sales comps for similar properties and the price per sq', they will look at the replacement cost of the property, and they will evaluate the property based on the NOI and Cap Rate. 

I use the oil based Kilz when I deal with pet odors.