From what I see with your report I am not certain what percentage you where using.

If it has to be a percentage, then can she be 99% and we 1% initially, so the bulk of her repayment is via purchase of the house and ours is mostly renovations and THEN before we sell, we change that percentage to equal the flat amounts we want each to get? 

I think the vacancy rate percentage would cover utilities since there is no mortgage.

Most of us starting out are playing with significant percentages of our net worth.

Some PMs use expensive contractors.Well established STR with professional PM: rent * 0.5 - mortgage (this seems strange that it is the same as the LTR but it is because the rent point is so high that maintenance, furnishings and cap/ex as a percentage of rent is so low). 

The best flip I've done based on profit percentage was in a rural area with not many people living in the area.

Sometimes the investors get a preferred return percentage that needs to be hit before the sponsors/KPs see any money but that's up to however you structure the deal.

Often it is a percentage, but in a mixed use building this can be a problem. 

The management fee is a percentage of collected rents, and most new investors should expect to pay 10%.

How do I take a relationship like that and make it into one where he is getting compensated with partial ownership or getting a certain percentage of profits made on a deal.