As pointed out appreciation should not be expected as a strong return generator. 

All she wants to do is to get some profit from her right. 

@Cherrell Thomas cash flow is the profit that's left after debt service, property taxes, property management, common utilities (if any), reserves for repairs (small things like leaky faucets, AC servicing, etc), and capital expenditures or capEx (larger things like a new roof,new HVAC, major plumbing overhaul...these are treated differently on taxes, written off over a specified longer period) and other expenses.The first item I mentioned, debt service, is where the answer to your question is.

But whomever you "rent" from will take 50% of the profits. 

Typically, I would base the profit distribution on the initial capital contribution, but I am not sure if that is equitable in this situation as his skills will likely be needed more often than my skills as an attorney.

I don’t want to sell unless I will be able to get going and generate some revenue from a REI.

Unless you can do almost no down payment or you want to sell the properties for a profit, then I'd say pass on this one.  

@Josue Velney then those contractors arent very good businessmen . ( unless they are holding first position on a note)   Trusting a person or company to pay after you have  $ 50 K in materials and another $30K in labor plus profit .  

Too many partners is when the profits of the company are not justifying the cost of the partnership. 

I guess he prefers to do most of the investing on his own.Although it's good I wouldn't mind turnkeying either if it profits me at the end of the month.Thanks for giving me your feedback!