Projected returns based on entry cap may be high but actually making those returns is very tough.

Based on the above projections I receive, I then "run the numbers" to see where I project to end up each month. 

The profit should be split based upon whatever agreement the two of you come up with.It would be unfair for you to put in the majority of sweat equity as well as the training involved to have a 50% profit split.

I have done my research online and it doesn't seem like the strongest market (population is stagnant, crime rate is not the best, job industry isn't very strong) but I know personal accounts are important as well. 

payment based on performance?

You'll likely want to start with reviewing the requirements under Prop 19 for retention of the base assessed value when adding a child to title, and also look up the rules for a basis step-up at death. 

@Katie BustosWhen you buy a home with a rental unit, like a garage apartment, how you're taxed can change based on how you use the property and if you rent to family or others.

I am currently a college senior with a strong passion for business and real estate.

Often it is based on how well you pay back history.

Based on my research it seems like with a little rehab and managing a short term rental effectively, short term would likely cash flow more in a market like Tampa.