Sell the feature of having a sandlot volleyball court.Tell them it's ready to be tilled for their vegetable garden.Tell them pets are okay outside.Tell them the neighbor stole your sod, a simple furniture arrangement and they can look next door. 

What % equity is fair given the above arrangement?

Another option I am contemplating is to finance and keep it as a rental and reduce reno to around 15k.Also I have a question on financing flips.  

Ours states:ALTERATIONS.Tenant agrees not to alter the premises without prior written consent of Landlord.All changes made by Tenant must be reversible and property must be restored to original condition at end of tenancy, unless other arrangements have been made with Landlord.

Of course I arranged the walkthrough, worked up my rehab estimate, made an offer and got it under contract for $27,500.

I think one of the biggest benefits to them in this arrangement was to have a guiding hand throughout the whole process (aside from the great buy & hold deals we picked up :) ).

We do charge a 7% upcharge for arranging and overseeing all the repairs needed and paying the vendors.

I typically do not allot much for maintenance the first year or two on a condo or townhouse arrangement since I replace most everything when I buy it and exterior maintenance is taken care of by the HOA. 

I told my brother to see if he can get access to the property to take pics and get a video so I can have a contractor look at it and get a general idea of a rehab cost before I make any arrangements with the owner of the property to buy it.

I've always arranged them so that the owner gets most of the equity, such as 60/40 or 70/30.