will they only cover a certain percentage of the purchase price and closing costs, so i will need to have some more skin in the game?

Depending on the structure of the deal there's going to be a wide range, especially if the GP side has little to no skin in game. 

Granted, it is above the fence and not in the middle of the yard, but my biggest concern is downed power lines after a storm or something of that nature. 

However if he is mismanaging his properties to where they are unsecured and/or nuisance properties, he may be what some call a slumlord, which is the natural enemy of code enforcement (and the neighbors) 

As opposed to naturally occurring affordable housing or workforce housing, targeted affordable housing means the property has rent or income restrictions in place to maintain affordability for an extended period.Through the TAH Express program, borrowers benefit from a condensed prescreening process, simplified nonnegotiable legal documents and a standardized underwriting process, resulting in lower transaction costs.

They have more skin in the game then you do.Make sure you get clear title.

Do you change the split for either CF or equity now that partner 2 has no skin in the game?

If the repairs are structural in nature I would need to get a 203 loan. 

I like the idea of having skin in the game, as well as learning from a pro. 

I just feel like with no skin in the game and no deals done, my credibility is....lacking and to ask someone to invest with me would be naive.