Newbie: Taking over a flat of a two family flat property

[Will McCants]

I have a close friend of the family who's paying a mortgage on a two family flat. They live in one flat and the other is empty. Has been for almost a year. They're not interested in REI and they're not in a spot to fix it up and rent it out.

I proposed that I would fix it up, get a renter and manage the property. I would pay them part of mortgage (still discussing amount), keep some of the rent to pay back my initial investment with interest for fixing up the place (still discussing amount), and......I don't know.

It's still in the planing stage, but they're very interested. I think this is a good way for me to dip my toe into investing and managing a property.

Any ideas or things I should think about while putting this together.