Depreciation helps offset this, but be aware of potential capital gains tax if you sell the property in the future and depreciation is recaptured.

I want to buy him out because the property has a 3% mortgage rate, has gained 100k in equity the last 4 years and cash flows 1k a month.

Is wholesaling a good first step for gaining experience?

A lot of other markets 20 years from now could be ghost towns with little demand.But on the flipside, that safety/security comes with lessor immediate returns, as is a normal balance with investments (more risk traditionally equals more short term gain potential). 

I would not include appreciation since that is an unrealized gain.

Usually holding costs and lost opportunity costs far outweigh the gain in sales price.I would also have multiple exit strategies and if prices dropped more than I wanted could I keep it as a long-term investment and have the rent cover my expenses.

I like to keep things simpleEIther sell him 1/2 the share directly(Look to see if you can defer your gain/tax.Or look to become partners in a new property.

Hoping to gain some confidence and knowledge in the BP community! 

The next phase of my maturation cycle is gaining "on the job experience" in the form of GP participation before attempting to take down a deal by myself. 

However, understanding all the costs of buying a real estate investment property will help you avoid costly mistakes.Buying a rental property, holiday home, or property to flip can yield short-term and long-term financial gains.