(Law moves slowly, almost lugubriously, so anything newer than a decade or two is sometimes the cutting edge!)

At first I'll be doing it part time as I have a full time job. 

Yeah, I’d cut him loose, he certainly doesn’t have your interest in mind.  

Working a 9-5 job with very little return in a 401k and Roth IRA and having to work until I'm dead is not a life I want to lead.

Your job is to determine if the risk is worth it.If you are are just thinking out loud that you may want to sell in 5 years, given your own statements that it is making great cashflow for 5 years, then who cares? 

I know if you go straight to a rental the taxes will go up about 3x the amount and really cut into any cash flow.

@Eric SmithI would use 99Designs for higher budget jobs and Fiverr for lower budget items.

Then split the profit however you want to cut it.

We have a great handle of the city, and my day job allows me to travel to all of the smaller communities surrounding it.

Here I am putting down 25% of my money, have a great credit score of 780, have a job showing good income and yet they still want to see all my other financial documents.