Creative entry into rental properties

[Gus Mardoni]

I've always felt first posts, when seeking assistance, are a lot like an AA meeting-- Hi my name is Gus and I need help. Never sure how to start 😅 

Now that my ice breaker is out of the way (not that funny but points for originality?) let's get into it. I'm new to the biggerpockets family (recently joined) but been an avid follower for months. My goal--- build enough rental properties to exit the rat race.

I've thought long and hard about how to dive in but find myself stuck in analysis paralysis. After weighing my options, I find myself to be most comforted by going in with a partner and I have just the guy-- a cousin.

Little background: my cousin owns a rental property that he's had for 3.5 years. He hopes to expand his business but hasn't been able to secondary to lack on knowledge of options. He and I recently agreed to go into business together where everything would be 50/50, verbal agreement. My problem--- lack of willingness to deplete my saving account (newly married and financially insecure). This problem creates difficulties in delving in (20% down payment requirement, closing costs, repairs, etc.). 

My thought/plan: propose to my cousin that I buy into his current property. If he's agreeable to this, betting he will be, we can refinance his current loan and I will assume half the loan responsibility. He benefits by getting that cash up front, my buy-in (believe this is logical thinking?). If he's agreeable to this I can teach him some of the wonderful information I've gained here at biggerpockets, such as withdrawing equity from our now mutual investment and use that to secure a second investment, then a 3rd and so on. I've been able to secure contacts that will assist in future investments (inspector, contractor, substantial discounting for rehab necessary items).

Is my thinking above logical (given cousin is agreeable)? Would it work out as laid out (able to immediately withdrawal available equity)?

I have money set aside and can go at this independent of a partner but I'm choosing this method to reduce up-front self-risk. Thoughts, feedback and suggestions greatly welcome. Thank you ☺️