Has anyone ever created a partnership with a vacant home owner where owner retains ownership of the property and the other person (me) acts as a property manager for renting and they split the profits.  

Any way they have suggested a 60/40 split on the profits.

Once you have all that information, you then should look at the profit potential vs putting your money into a stable or slight value add property instead.

What I do is I calculate the estimated profit I would make from a fix and flip.

@Marty Summers If your end game is to fix the house up and sell it for a profit why not just go ahead and do that?

I have several friends/clients and personally even bought a car with crypto profits (though I'm now out). 

The past two years I have done eight deals which were all profitable.

The estate manager and family members are wanting the maximum profit and are willing to wait up to a year or more to sell each house individually. 

But pls note, they usually look for more bedrooms so that can make some profit and you may need to do some house modifications to align with their interests as well as to make it ALF compliant. 

I would also consider the profit I could get today and where I would be able to invest it afterwards.