Should we buy a rental property or rent out our own property?

[Mike Watson]

Hello BiggerPockets!

I'm currently a part of a group of 3 associates looking at consolidating our efforts and buying SFH rental properties.

Additionally, I am a homeowner in an extremely hot market for both rental AND purchase (20% increase on my value in the last year and rents are currently going for about 70% above my monthly payment all in). I'm open to the potential of moving but I'm currently not looking for myself. 

My question:

Has anyone ever worked with a group/structured a deal where - putting yourself in my shoes here - you leveraged the buying power of a group AND the equity in a primary mortgage to:

1. Buy a new property for my primary residence
2. Start renting my existing property under the guidance/with cash flow going to the group

The reality is that my existing property is well-maintained and turn-key rental ready but my DTI may not warrant buying a new property solo. I want to find a fair way where my counterparts could potential put cash down (in a fair way) to "buy in" to the rental piece while not losing out on gained equity.

I haven't seen much with this type of scenario so if anyone has thoughts or have lived through something like this I would love to hear about it! If there are any points of clarity that would help with this, please let me know this as well!