My questions to this group are: -how do I structure the partnership if he is putting the money and I'll find the deal/run the business, can I have more than 1 option?

I would love to get in talks with you about a possible partnership.

A property manager in the market you are interested in investing in will be an excellent resource as well.There are many ways to finance a rental property including traditional bank financing, seller financing, hard money, private money, partnerships, other investors, etc.

-"JV," "Partnership," "LLC": this is where I get lost in the sauce.

@Jason PerryThere are a lot of requirements/thresholds to understand when creating an QOF(Qualified Opportunity Fund)Some of the many requirements are below1) create a partnership or corporation entity2) Fund it with capital gains3) invest in areas zoned to be a qualified opportunity zone.4) significantly rehab the property5) hold the property

To avoid incurring a large tax liability they have proposed a detailed entity restructure including a S-Corp inversion to tax partnership.

The idea of partnerships never crossed my mind.

PLEASE give me some advice- what do you think is a fair split among these partners?  Any other obvious details to consider?:
Partner 1-
Providing all the money ($300k-ish). Will be active in searching for deals, aes...

@Marquay EdmondsonI read through your other posts and you mentioned wanting to partner up.This post mentioned having a rental property outside of the state where you live in.You likely want to work with a CPA who understands partnership taxation, multi-state taxation and real estate taxation. 

The partnership will be 50/50, with me actually contributing the needed capital.