Hello @Jessyca Jones I would suggest no and low money down - Brandon Turner ( this book will give you some insight on how to invest in RE multiple ways using CREATIVITY instead of CASH) and managing rental properties- Brandon turner this book is by far my favorite because he literally goes through every trial tribulations you will endure and lays out what it means to be a landlord.

The profit split is whatever you work out with your partner/investor and will largely depend on how much work you're doing for your portion, how much cash the investor is laying out, how good the deal is, etc. 50/50 is never a bad place to start if you're not actually performing the rehab yourself.

Floors: tile $20/sqft or LVT $5/sqft2.  

Replace the handles with cups, as shown, and the do a subway tile backsplash.

I am assuming (dangerous i know) that it would appraise for more than 115 as it lays today, the family just wants to be rid of it with as little fuss as possible. 

Knowing the market, ARVs, reno costs, what it takes to close, how to deal with different situations (trusts, bankruptcies, family members laying claims to home, heirs, wills, probate) or having the right title company (and attorney) to deal with these situations is another 1/3.

I am a tile setter by trade.

Started inside, ripping out drywall and insulating, then replacing drywall, reinstalling sub-flooring and then tile in the kitchen and bath, and bamboo in all other areas, new kitchen cabinets and countertops, cut out the wall between the kitchen and living to open up the area, then put on a countertop.

You could add a drop ceiling to all the ceilings of the first-floor apartment to minimize the heat transfer between apartments -- if the ceiling in the basement is high in a 1930-era property I think it's safe to assume 8-foot ceilings throughout which would allow you to drop the ceiling up to six inches with acoustic tiles that also provide great ceiling insulation.

We have three and a half units, each around 650-700 sq ft, that we plan to refloor with luxury vinyl tile.