No we didn't own any shoes!  

The basement is pretty large... about 800 SF , not including the bathroom, laundry and mechanical/storage room.

A lot of what I see in the CF space is vanilla fix and flip or SFR type new construction with a few mini storages or MH Parks or strip malls.. 

At a glance, I see your house losing a hundred bucks a month with vacancy and maintenance from your cash flow, buying a property that doesn't allow rentals means you're just moving and will need to sell as an exit, you'll probably end up in the shoes of that seller.

I figure I could rent the main house for $1,150, studio for $350, and detached garage as a storage unit for $100. 

While doing a deal with you may bring profit to the more experienced partner, your involvement will probably be more of a hindrance to an experienced investor.If he is providing cash, time, and knowledge (while bearing the risk of a new investor), I would think you'll have to give up near 50% of the profit.But as @Gregory Harris points out... it will vary partner to partner.Ask yourself this: If YOU were an experienced investor, who can obviously find his own deals... how would you value what your bringing to the table if you were in their shoes?

If income is shoeing on the tax return that will count.

Is it possible to move the kitchen peninsula so that it is perpendicular to the wall that now has the pantry/storage? 

If I were in you guys' shoes and have W2 income I would put up to 10 in my name and another 10 in my partner's name.

Hope to find myself in your shoes 1 year from now, too (just started listening to BP podcasts)