To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.

For those with using Buildium for property management software, do you use Buildium's public site or do you use a website you have made and maintain?I'm currently using a website that I created 4 years ago, posting va...

You could do something like what you want if it was your personal primary residence and even then the interest rate would be ugly. 

I know Walter personally.. he knows a lot about real estate from many angels..

Many are personal friends of mine living just 40 minutes south here in San Diego. 

I also think most markets won't see anywhere close 6% cap rates (for single family homes which is what I personally invest in).The questions you get to ask are then:Is the extra 4% worth the hassle of management and lack of liquidity.   

If you and another person own a piece of real estate as tenants in common then you both own real estate. 

Any insights, advice, or personal experiences would be greatly appreciated!

Focus on the numbers and the goals, not personal feelings.

Personally I never listen to what the seller states the income is as they are sometimes way off.