You won't know if your investment is successful unless you define success ahead of time.  

I continue to achieve everything I set out to achieve by combining simple action steps with clearly defined goals.ROCK ON and I'll see you at the top!

Now we can argue all day what the best investment is and the truth will only be revealed over a defined holding period. 

Clearly defining roles and expectations up front will help.I'm sure there's a lot more.

This is all VERY New to me so I want to post the deal being offered and ask you seasoned rehabbers if it is a good deal.Also how to define some of the items in the deal because the more I have to ask the lenders, the more irritated they are.

You offer them the best deal you can afford.there is no hard rules about how to split things, I don't know if the down money is $500 or $500,000, I don't know if your relationship with the banker got you a higher or lower interest rate.Best is for each side to write down what they want out of the partnership (if it is an LLC you can split the capital % from the income % also) and show each other, you may find that you each want 40% equity, you may find you each want 80% equity... that is a conversation you want to have with your partner BEFORE you cement the relationship.ALSO: put a clause in the partnership agreement about HOW the partnership will dissolve if only one partner wants to leave... a good partnership has a defined way to end the partnership.

I don't have the exact language in front of me, but the statute defines the "material defect" as a problem that would cause: (1) a significant adverse impact on the value of the property; or (2) an unreasonable risk to people that live on the property. 

Like kind real estate is defined by use not by type.  

You should also define how active you want to be in your investments.

You assess what went wrong and what  you could have made more clear to defined the relationship.