It may not be a 50/50 split but you'll have the mentors experience on your side.

The sheet rock screw pattern must be inspected before it is taped and textured so that they make sure it is adequately connected to the framing.

Do the two owners split that or how does that work?

You could double close on the property with a joint venture agreement between you and the other wholesaler that spells out how you will split the proceeds. 

Projected income for 2017 after expenses,including estimated income tax will be a net profit about $18K, Split is 9K each. 

Most will do this for free if you use them to setup the LLC to begin with.You also need a Rock Star CPA [not a family friend that's been doing basic W-2 taxes for 40 years!]

House that hasn't been updated since it was built in the 70's.It is one of three houses on a 300 acre cattle ranch.Through cheap rent I was able to become debt free and have offered to buy it from my Landlords.I have developed good level of trust with them, and they are entertaining the idea.I called the planning department at the county office and they said this area (Wheatland California) is zoned ag land and could only be split up into 80 acre parcels.The only other option they gave was for the owners to separate the homesteads from the land, but all three houses would still be together.My question is has anybody ever been in a situation like this before?

Is there sand, rock, muck or what?

Instead of thinking per door, possibly looking at splitting a house per room.

You can explore it more.I don't use the full service, mostly the ACH collections, which works really well for me as it splits out each building with it's own accounts, including separate security deposit accounts.Bottom line, I do recommend it and it costs me around $2.70 per month per apt considering that I have 25.Hope this helps.Llew