I don't want to be a smart a**, but a fair price is what you are willing to sell it for, and not a penny less, regardless of the CAP rate.  

If I don't have that and they want an update if they were accepted I tell them I have other viewings and to be fair to them am giving them a chance and have not made a decision yet. 

As Dave says, this is considered a 1031 exchange as Dave says trading in into and out of land and farm land is fairly common.

A lawyer should be able to draw one up for you fairly easily.

Your DTI might be a factor, but if the home is your only debt, your DTI should be fairly low.

I don’t know what is a fair ask to split the profits.

Banks will follow the Fair Market Rents determined by an appraiser.

And fairly easy to install.

With these extra items however, we feel that 50% fairly captures their unexpected nature while still allowing for our rehab plans to be possible" or similar.

Also this should be fairly standard but make sure the electrical is all grounded, I just spent about $5,000 adding outlets and grounding the electrical in a 1950s house to bring it up to today’s code which also meant outlets every six feet instead of one or two in a room.