Things such as property taxes and insurance will have a material difference, as will the utility situation and whether or not you are responsible for any portion of them. 

With the renting portion, I'm planning on using a rental company to rent out the house while I'm away from the area, at the expected %10 rate.

While you're living in one of the units you'll have the benefit of others paying a portion or all of your note. 

The first part amounts to a variation personal loan, in which I’d be best to choose an option based on his goals-either provide a lower rate of return paying intetest only until we sell, or a true short term loan with a competitive rate.The second would be a true partner, in which case the only skin in the game for him is the portion of the down payment.

A variety of factors have increased prices including a strong economy, limited inventory, and probably as much as the previous factors - management companies lowering their splits and a large portion of buyers self managing.When management companies are lowering their splits and owners self manage it enables them to pay higher prices and obtain similar/better returns.

On the county assessors page under the assessor data there is a portion that states structure description and it list a bunch of items what does the mean ?

There is a portion of the description that says " Outside of the 70K, the right buyer can simply take over the payments on the rest of the house while the rehab is being done.

Hi @Rahul Handa - you'd have to live in it for 2 out of the past 5 years in order to exclude a portion of the gain ... a single tax payer can exclude up to $250k, married couple up to $500k (Section 121 of the tax code).The tax you'd pay if your gain goes beyond those limits will depend on the state the property is in and your personal tax bracket. 

I think it is a great tool, however what about the scenario where a manager/sponsor also contributes a portion of the initial capital?

They want you to "have some skin in game".So we will lend you a portion of the purchase plus (probably) 100% of the rehab costs.