The server address is your IP address, not the port number.
You can get your IP here: http://whatismyip.com
Make sure port 25565 is open when you are running the server.
http://www.yougetsignal.com/tools/open-ports/
Note: it should only appear as 'open' when the server is open.
If it is not open while the server is running, you must port forward. To do this, find your router on the following list, then locate Minecraft- http://portforward.com
Follow the instructions to open the relevant port(s).
In regards to permissions, you should set yourself as the op either by entering your name in the 'ops' file located with your server files and saving while the server is closed, or in the server console, enter the command /op #username#.
There's no "co-owner" rank, only op. As of 1.7+ there are varying levels to the op permission.