The reason most people shy away from it is that it takes a great deal of knowledge and expertise they lack to develop, not to mention access to a great deal of long-term capital.Unless you were doing the actual blue collar work, you could not make such a project work as it is too small to afford to hire such work done.

For the split just add up the total project cost, compensate for the labor and then take a 50/50 share. 

If you have plenty of time and energy you can save yourself a ton of money on this project, but you are going to work for it, make no mistake. 

besides the jobs and tax benefits I do not know that many people who want to live near a power plant Do you see any price changes since the project commenced?  

Typically they will sit down with you and do a tax projection as often as you need, monthly/quarterly annually, etc.   

.% down of the purchase price and the rehab costsCan be used for primary residence with 1-4 units (could also be looked at as a disadvantage)  When using 2-4 unit property, projected income from other units can be used to qualify 6 months' worth of mortgage payments can be rolled into the renovation budget if the house is deemed uninhabitable by the HUD consultantCredit scores can go down to 600s (lender dependent) DTI can go to as high as automated underwriting system allows (typically 56.9%)Allows you to buy a property in any conditionCan use it to fix minor repairs all the way up to basically a full tear-downFHA 203k Disadvantages: Interest rates tend to be about .25-.5 higher than regular FHA loan Additional costs include HUD consultant fee, inspections, title updates, and supplemental origination fee (Cost of doing business, but this is built this into your numbers, so it's no big deal)Must use a licensed General Contractor for a full 203k or up to 3 specialized contractors on the limited 203k Must hold onto the property for 1 year and live in it. 

My wife has an old 401k rollover from a prior job that we're both interested in rolling into a self directed IRA and investing in RE projects. 

Once you have an honest assessment of these expenses you can get an accurate profit and loss projection. 

Good luck, it looks like a serious project!

If you want to grab coffee / talk about the market / see my projects in the works, I'm glad to do that.