First rehab, I need some advice on financing and also exit strategy

[Phil Park]

I found a two unit deal in my local area and I am looking to do my first rehab project on this property. Basic facts about the property,

Property Price : 15k (I was told there is a LOC on the property that needs to be paid, not sure on amount)

Rehab Cost :50-60k? (Working on getting contacts give me bids)

Type: Two Family

Average Rent : $800-$1000 per unit

CRM: 100k-150k

Taxes: $5000 annually

Condition:

-First floor is fine, will need a new kitchen. 

-All copper in house has been looted

-Back addition is starting to separate

-Fire in second unit, looks like it did not reach the roof. The rafters are clean. The unit has already been gutted. 

-Could use new siding

I do have a investor lined up and they would like to do a 50/50 split on the project. I also have access to a hard money lender.

I would like to ideally hold the property for cash flow and to build a portfolio. 

My question is:

1) How can I structure this deal to buy and hold this property if I were to use a investor?

2) Is it wise to deal with project by myself? Should I use a mentor?

3) Should I start a company to partner with his to protect me personally?

4) Anything else I should consider if using a mentor?

[Brie Schmidt]

@Phil Park If you want to keep it as a buy and hold I would not partner with another investor. How are you going to pay him back? Let's just say your all in is $75k and the ARV is $150k.... how would you pay him the $37,500 he is expecting? You can pay much less than that by doing a HML.

Also remember that loan qualifications are the same for buying new and putting a lien on a owned property. So make sure you will be able to qualify for the loan on it when it is done being rehabbed if you want to hold. Also make sure you are working with a bank that does 6 month title seasoning, and not 1 year.... otherwise you won't be able to pay off the HML