However we both need at least 3 more years to get our stuff in place (think day-time job, living, finishing education, paying off 50% of the study loan etc.).

Do you think the finished product would attract long term stable tenants?  

What: 1) 3 story, appx 2200 sqft apartment building built in late 1880's, all boarded up needing a major gut rehab (# of bed/bath are unknown) 2) lot right next to the above building (don't have the measure yet but it's small, appx. 0.2 acre or possible under )Purchase Prices, ARVs, and asking prices (provided by the potential partner): Potential partner got both of them as is off of a private auction at below prices: 1) building: auction purchase 700k; ARV of 1.3M; asking to sell at 900k 2) lot : auction purchase 300k; ARV of up to 1M; asking to sell at 300k Proposed Partnership: She is funding 90% of the deal through her private lender so she needs to put down $100k of her own cash and she is asking me to put down $50k with profit split of 25:75.

Better to sell a year early than a year late.  

Have not seen any all you can eat Lobster and King crab deals lately in Las Vegas.

They might not be home runs but base hits can win ball games.I just finished a BRRRR on a home I found on MLS.

Basement is concrete slab and partially finished.

Also, be firm with the rent payment time, don't let them get used being late, or else they will keep pushing you later and later.  

I live in pa so this is a bad month for us with late payment.

Charge them the late fee as well.