Essentially my idea would be to sell 1/2 my interest, pay off the existing loan, and be "partners" with this person as long as there is a defined exit strategy. 

Looking for advice.  I am looking to invest in PA.  However, getting loans under LLC is very hard in PA.  As a result, seeking option to purchase the property with 20% down with a FHA loan.  Getting the mortgage under...

A better way to approach this is to ask and investigate what Remodelers and Renovation companies charge. 

He left behind some personal items and took a few of ours (it was partially furnished). 

As far as I am aware you can rent by the room in phoenix, I am not aware of any unrelated persons ordinances but you can check with your municipality they are usually starting at > 3 people that is what I believe would limit rent by the room.

Prioritize your financial situation, the local market, and interest rates.In conclusion, there are unique considerations for every investing approach.

If in-person, where are you located?

I follow a similar approach to @Serge S. using historic norms.  

I am wanting to purchase land and build a small cabin to STR (& personal use) in the North GA Market. 

I am a Real Estate Agent and investor based in Columbus but I personally grew up in Cleveland.