What is a fair way of splitting the ownership and/or division of profits (from both cash flow, and an eventual sale)??  

@Dustin SalmonI have talked with two lenders about blanket loans, and the both seemed fairly reasonable.  

I am also a fairly new investor, having acquired our (my wife and I) first rental property less than 6 months ago.

So if these 2 factors are fairly similar to some other businesses or investment strategies, #1 They highlight their best successes, #2 they use primarily debt to buy property, then there is really no reason to hate a guru program, unless you also hate the other persons or companies who behave the same way.

The rent should be at or near fair rental value.

However, the buy & hold area is so much different than flipping that telling you I have a deal that will cash flow at 1% is about the same as telling you I have a pair of shoes that will fit you without knowing your shoe size.Flipping employs a fairly simple and defined formula that everyone can use.  

I am fairly new in the investment community.

In either one, the trustee won't be authorizing any "bargains", at the expense of the creditors.

If you are buying using traditional financing, you will most likely be buying at fair market value using the MLS and Realtors, which adds to costs. 

To be fair they were new construction brick with concrete scored floors..