i'd pick a market close by, or that you have a personal connection to, or that you visit often.chasing cash flow by itself can lead to negative outcomes - for example, these investors bought in supposed "cash flow" markets:https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1137397-balti...hope this helps.

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.

This is from personal experience, the housing authority is the problem.

If an asset is throwing off a certain yield that is not commiserate with it's risk, then investors will then begin paying more for that asset, thus decreasing it's yield....or start paying less for the asset which would increase it's yield, until it was at the proper risk/return rate to produce the yield that is truly reflective of it's risk.The problem is novice real estate investors get the risk/reward correlation backwards.

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

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

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.

Quote from @Elizabeth King: I have a property in my personal name that I plan to rent annually. 

If you want to think about it as a math problem, it’s all about where you put your time to maximize returns while also factoring in what you enjoy doing.Picking the MarketI’m the kind of person who gets analysis paralysis.