For most of us, that situation would be a year of very high profitability.  

This doesn't sound like it's in one of the high-performing resort-style communities, so I would be a little cautious.

If this MP is lower than the Calculated Maximum MP, the AP is too high, lower the Offer (asking Price) until the MP is equal to or less than the Maximum AP.  

We also see a lot of instances where newer investors are unaware of what quality and details need to be achieved (or not achieved) based on their desired exit strategy.

Would highly recommend checking out REIAGC.

You can explain to your potential new partner that he will make an extra amount on each deal through his realtor commission which will help increase his profit.If possible make a deal that both of you are happy with because finding quality people to work with is a key to being successful long term.

The cost of entry is low, and cash flow is high.

Nothing fancy but quality materials and good craftsmanship.

He did get some money from Insurance, but not enough to properly facilitate a quality rebuild.  

I highly recommend that you get clear on these things:1.