The way it is structured you have all of the experience and he has all of the control as the two smaller investors have no control, by that I mean your two votes don't outweigh his ownership- when is it time to sell, replace the roof, raise the rent, evict a tenant, etc. 

I personally don't think I would invest in one again, unless the rents were through the roof. 

Use a lower roofline like 4/12 (high roofs mean more expense).

Roof-how does the roof look? 

one side needs some cosmetic and appliances and the other needs some work (there was a leak at one point and the ceiling is a mess).Question - To do this I'm going to pull funding from a few sources (401K, Savings, CC, mortgage).  

Other info/concerns:It has a tile roof (rare for my area), can see some chips from the ground.Nice neighborhood.  

This small 2 br only needed $5k of rehab because the roof, siding, windows, HVAC were all in all shape.

The majority of underground tanks (up to 80%) leak and if it does then you have soil and potentially ground water contamination to deal with.

You can't have any tree limbs hanging over the roof.

the real issue is usually not termites, but wood rot.. near downspouts, corners of buildings, joints & trim, roof transitions/trim, window trim, inside bathrooms and around tubs..