So question is are there generally accepted standards for profit sharing between a purely capital investor (what my partner will be become) and the partner directing operations (which I will become)?  

go get them, good gurl go get them.. ..you should see how they wiggle their butt out of pure joy.But no no no.. that is not all  Buttercup!

If you're looking for pure cashflow, you will suffer on appreciation and vice versa. 

Do you want to risk it.....purely up to you.

We buy both locally and pure out of state.

We invest through two methods, pure rentals, and personals turned rentals.

You can buy a second home for 10% down, but pure investment properties are looking at 25% to 30% down. 

My husband moves alot for work (active duty navy) so we buy personals that we turn into rentals and pure rental (rentals from day one).

I would echo @Adam Bartomeo - the podcasts are pure gold. 

This analysis also excludes the appreciation gains over time which I look at purely as the icing on the cake.