All she wants to do is to get some profit from her right. 

@Cherrell Thomas cash flow is the profit that's left after debt service, property taxes, property management, common utilities (if any), reserves for repairs (small things like leaky faucets, AC servicing, etc), and capital expenditures or capEx (larger things like a new roof,new HVAC, major plumbing overhaul...these are treated differently on taxes, written off over a specified longer period) and other expenses.The first item I mentioned, debt service, is where the answer to your question is.

But whomever you "rent" from will take 50% of the profits. 

Typically, I would base the profit distribution on the initial capital contribution, but I am not sure if that is equitable in this situation as his skills will likely be needed more often than my skills as an attorney.

Unless you can do almost no down payment or you want to sell the properties for a profit, then I'd say pass on this one.  

This is the moment to become a bigtime player or simply build a safe portfolio of passive income. $500K gives you so many options. 

If this were a forum for maximizing profit in sales tactics where we can discuss the intricacies of getting paid for a diagnostic service call regardless of whether you actually diagnose anything correctly, well then...

But either way they can very easily disallow simply on the suspicion that it was deliberate.2.

Too many partners is when the profits of the company are not justifying the cost of the partnership. 

I guess he prefers to do most of the investing on his own.Although it's good I wouldn't mind turnkeying either if it profits me at the end of the month.Thanks for giving me your feedback!