If it were mine I (MIGHT) spray it white, and put shutters on it and add windows in place of the boarded up openings.As well as add a see through commercial style door on both ends of the hallway (rape and other attack prevention) if the area called for it.Cement a few park style BBQ's into the ground on each side (split them up to prevent tenants arguing) and park style trash cans chained to the ground (with lawn personnel responsible for changing out the bags).A repave and paint of the lot (might be a lender requirement).A commercial awning with WELCOME on it (in a bad neighborhood not everyplace seems welcome).The building name and address (easy for Police and visitors to read from the road).Some leasing signs and good look at the roof regarding replacement (for leaks) because the building looks neglected.Good bright lighting (up high on the building) around the building and parking lot at night, and no bushes (hiding places for attackers).I said (MIGHT) above, because I'd need to take a drive around the area and see the competition, to decide what I wanted to offer to make the building competitive without overspending.Also, I'd do that drive and crunch the numbers on it before being locked into a purchase contract for it, because it might be a pass instead of a buy. 

I talked with the city planner today and he let me know a developer actually just backed out of building a corner store there because the neighbors did not want a retail area there, but when I mentioned splitting the plats and doing maybe like duplexes or something there, he sounded excited and thought that the neighborhood would be on board for something like that.

Quick profit do a split. 

Remember, there's no such thing as a free lunch. 

I'd split the overages with her and tell her if there are problems, she needs to let you know and you will fix them.

Then work with an attorney to help the two of you talk through and agree upon a business arrangement and splits, ultimately memorialized in an operating agreement. 

I’m was hoping someone who has done it successfully would be willing to get lunch or coffee with me and let me pick their brain.

I’m in a similar situation with my first partnership, and would love to hear some suggestions from other people.  50/50 money split, but I’ve found the property, done the legwork, have management experience etc.

I did put in the plans to be able to put in a demising wall to split up the building into 2 10k units.

You might also hear on the podcast to treat it like a business so great business books will help also like Thinking Fast Thinking Slow and Don't Split The Difference.