Once you determine what you need, you can start creating a plan as to how much value that partner brings and how it equates to a cashflow and equity split.Keep in mind that partnership deal is different from an "investor" who is just financing you. 

In the unlikely event you set it up in the lease as two separate payments to separate entities I stand corrected but that makes it difficult to determine if a tenant is  current with rent. 

They should be able to determine the COC, annualized return, estimated ARV if a BRRRR, accurate rent comps and more.

The IRS rules are legally binding.

I think you need to determine what the return on investment would be for every action you take. 

@Brandon GoldsmithWhat determines the kind of loans you can qualify for is your residency, not your citizenship.

I would get the lender first so you know what you can afford and then determine how much of that you want to spend.

Due to the new IRS regulation on venmo and other cash apps regarding having to report any income over 600$, I am hesitant to use these platforms.

When I plug in the numbers to determine the actual cash value for depreciation purposes I get a negative number.  

If it is the unpermitted issue, then you have to determine if the permits can be issued retroactively and if so how much risk you have that you will need to rebuild some portion of the structure.