FidelFidel,When I saw your question I got interested as most Canadian investors are rather running away (or pausing) from investing in RE in Canada.But to help in your journey, here's what I can share mostly from either my personal experience or discussion with relevant professionals. 

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

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.

We have it set up where they can upload their proof on a regular basis right in their online tenant portal.

That is a great place to start, as well as hitting some local real estate investor meetups so you can meet some other house hackers in person who have done what you want to do.

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

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

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

I take it personally for each client we bring on.