What role do you play in the process?

Questions I'd have if I were in your shoes would be based around how the CAM expenses, management, taxes etc are going to work. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

The life estate will spell out the obligations of the step-father (taxes, utilities, insurance, upkeep - or even a base rent that you could use to cover those costs).

Projected returns based on entry cap may be high but actually making those returns is very tough.

Or a seller finance where you are playing a much lower rate.

Based on the above projections I receive, I then "run the numbers" to see where I project to end up each month. 

The profit should be split based upon whatever agreement the two of you come up with.It would be unfair for you to put in the majority of sweat equity as well as the training involved to have a 50% profit split.

Then once you no longer need cashflow, start playing these longer appreciation games until the end of time.

I'd like to see how this plays out.