Newbie investor - advice needed

[Christine Thygesen]

I have had an offer from an investor (also an aquaintance) to buy half of my principal residence so that together we can turn it into a rental. It will be my first dabble into the real estate investment business, but hopefully not my last. The investor has 27 rental units already. By selling 1/2 ownership, my plan is to use that share to pay down some of the current mortgage and have enough left to use as a down payment for a new principal residence. Here are some deets: Fair Market value - about $305K, mortgage remaining is $245K, expected rent is $1800/month. Does this sound like a deal that makes financial sense? How should I structure myself to best take advantage of Canadian tax incentives for rental properties? I am grateful for any and all advice! Thank you.