I’m not sure if I should have him with a little skin in the game or whether we should split 50/50, I’m not sure what to do.

If so I’m game! 

Either he does not know the IRS rules, or he does and is playing a common Wall Street game of hoping that you don't and will trust his misdirection.  

This is very late to the game on this thread, but for posterity's sake: regarding this question it might be helpful to look up Fannie Mae 1038a - it appears to be the worksheet used in conforming mortgage applications to ascertain actual rental income, for Debt-to-income calculations.

I believe that’s what has inspired so many to attempt the flipping game.

I want to be able to plug in different assumptions and war game this project in excel. 

Just purchase a four-bedroom for bathrooms duplex I am very proud of myself and I also would like to purchase more in due time I'm trying to learn all I can about the real estate game the investment property and all I downloaded a book with BiggerPockets I like to say thank you is a lot I did not know

@Paiea PalomanuWatch this video -- BP moderators, this is an Ask This Old House clip.

But by the time you have 10 properties you would most likely have a better network and good foot in the door of the real estate investing game.

I’m just hungry to get into the game.