You might want to have an outside accountant or a qualified third party (escrow if possible) disburse funds. 

The hardest part is getting started.

I am a little late to this party!

Terms of sale shall be cash or third-party finance, and closing shall be within 45 days.If the parties cannot agree on what constitutes fair market value, then two appraisers shall be promptly selected, one by OWNER and another by HOLDER.

It seems to be perfectly legal as long as all parties are aware of the transaction.

We own a property and instead of investing money into repairs we want to partner with someone to manage & fund the rehab, and share in the profit.We are moving forward with someone already, but I am not sure what is the best way to protect all parties ownership.

We use private parties that loan us construction money, and we do it through a loan broker.

The sticky part is the utilities.

Probate filings are public record, so you can usually track down related property through the tax record and contact the parties involved, preferably family members instead of attorneys.  

From there you can either go to the closing with all parties and collect your check or wait for it to be mailed to you by the title company (PAYDAY!)