I would like to be in the partnership for the least amount of time possible but want to be sure I can present this offer as worth his time, which is very valuable. 

The amount of downpayment requirement insures buyers having "skin in the game". 

If you base your tenant charges on the historical average, you should come very close to collecting the entire amount over a one-year period.Charge a higher rate.

Based on how many people have moved here from other states (specifically California, Oregon, Washington, and then a few areas like NY/NJ) along with the amount of redevelopment projects and the chip factory that was put in - I think there will be further appreciation for the foreseeable future.Will Phoenix economy be depended on this chip factory?

Actual cost takes into account depreciation so complete destruction of a property could leave you under water in terms of the amount paid for the loss.

The time, effort and amount you will save is typically inconsequential.

I have been reading the online resources about getting started, searching the market, and even doing tours, but I am hesitant to jump in and buy a house as I have quite a large amount of student debt.

The Real Estate Crash of 2008-2010 caused real estate prices to crash across the country - but didn't affect rent amounts.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Most likely a "discount listing" Owner pays realtor a small amount upfront to add it to the MLS.