He has the money to invest but I have the credit and am local to the property (i.e. will be managing the property).So suppose he put in $50,000 towards a $400,000 property and I took the mortgage in my name and managed the property, what would be an equitable split in any excess monthly proceeds and an eventual sale of the property?

They could "loan" you the money as interest only and gift the interest back to you each year (with spouses you can do in excess of $40K per year).

Metro areas which do not experience hard freezes or significant moisture.

. §§ 250.512(c))Lease, Rent & Fees:When Rent Is Due: No StatuteRent Increase Notice: No StatuteRent Grace Period: No StatuteLate Fees: No StatutePrepaid Rent: No StatuteReturned Check Fees: Allowed, but it shall not exceed $50 unless the landlord is charged fees in excess of $50 by financial institutions, upon which the landlord can charge the actual amount of the fees.

I believe that this can lead to termites and extensive moisture damage in the structure of the property.

I know with my last one, with all the prorating for age, like 2 years on approx 7 year carpet life, only being able to charge for cleaning fees in excess of normal wear and tear, their portion only came to the security deposit plus $200 or so, so my management just billed them the difference and moved on.  

Should I focus on building my equity in the property or save my excess money for capital?

I'm not trying to be a slum lord but I am trying to buy properties that need a little bit of work to get up and running, but to be mandated by the city to put an additional $10-15K into repairs for a $60K house inside of a year of owning it seems a bit excessive.  

Yes, looking over the laws for KS, it just mentions some items that fall under ordinary wear and tear and excessive damage and filth.

This tends to lead to mold, rotting floor joists/sill plates, and other moisture based damages and problems.