Are you planning to force the tenant to buy the property?

How long are you planning to hold this property?

Anyway, I'm confused on the operating plan.

The idea is to create cashlow and wealth through equity and appreciation so the plan we can build few units , sell them and split profit 50/50, while I am the boots on the ground overseeing the process of building from start to finish, meanwhile the partner brings 100% of funding. 

My sister lives in the area and I can't imagine anyone planning a vacation to the Ozark Lakes over Branson.

I think it is more of a 20 year development plan, so cash flow now and let your investments grow naturally over time. 

Secondly, who cares what the ownership splits are if the gain can't be realized because the values are propped up/can't meet projections, the sponsor cannot execute on the business plan or the fee structure severely eats into the distributable cash when the realization event actually occurs.

What kind of down payment and renovation costs should I plan for?

It'll take real work from you and him to be able to execute this plan.

Two rentals are enough hassle for me and I don't plan to buy more unless it's a deal that's impossible to pass up.