Allowing someone to “buy into” my rental property?

[Jeremy A.]

Currently own one rental property (duplex) which cash flows over $400 per door. I have some friends that want to get started but don’t know where to start. In addition, I am in need of some additional money to fund my next purchase or two.

I was pondering the idea of letting one of them "buy into" my property at 50% of what it's worth. I currently own it outright and not under a LLC. Is this possible without starting an LLC or "selling it" to both of us in a new mortgage? Essentially is it possible to structure something legally that states he owns half the home and then will receive half of the income etc etc.