Your split is determined by MLS agreement, not what's in the purchase agreement, so it doesn't need to be mentioned.

How do I determine if the value of the house will appreciate enough to make the rehab worthwhile?

Why do you think a 8% cap rate is good, cause you read it on the internet! 

There are a lot of resources on the internet that provide ways to get access to property. 

Consult an attorney and a CPA to determine what is best for your specific needs.  

If that doesn't help, foster relationships form afar using the internet.

The realtor will provide you w/ data to help determine where to buy property.  

I am having some difficulty determining what should be used as a CapEx value.

If an improvement by itself does not meet the 1-year test (greater of $2,000 or 1% of the unadjusted basis), but it does qualify as a separate improvement that is a separate element (when grouped with other improvements made during the tax year), determine the start of its holding period as follows.

I would like to network with both new and experienced people to determine if we can be mutually beneficial!