If you have just one partner putting up the down payment and closing costs, I would try and keep things very simple with a straight equity split.

Or just use your own SSN and keep it simple? 

Its kinda simple math to decide the best approach.

I know many on this site will disown me for this but buy a place you can easily afford that is "nice" or "decent".

Don't go out of your comfort zone just to get a good deal, most auctions are basically site unseen sales with no contingency period, the less you buy in this way the less successes you have to offset a potential loss. 

Keep it simple inside the closet yet functional.

The reason the prices are high has to do with simple supply and demand.

Is it simple hookups, or installing new lines, meter, etc.? 

@Antoine Martel Yes, Airbnb would be our main focus, along with other similar sites.

I have a good idea of flooring and some electrical and drywall repairs, but there is still a lot I do not know how to estimate for without having an expert on site.