Equity Share Scenario With Property Manager

[Derek Adkins]

My property manager recently proposed a partnership between he and I on my current rent house. The proposal essentially was that I would allow him to assume 50% ownership of my property and in return I would assume 50% ownership of a like property in the same town that he owns. Since we would be 50/50 partners in both properties, he would not charge any management fees on either property. What am I missing? I would end up having the same amount of equity when it's all said and done, but i would expand my portfolio without any out of pocket expense to purchase a property. Any insight or opinions on this are greatly appreciated as I am on the fence on how to proceed. The property in this scenario is listed in my profile (green house).