That didn't happen (in part because some owners stopped VR) and now I have another vision, and think that Investment in VR is going to be just a different kind of investment with it's own characteristics but won't fade away.

Make sure you use comparable comps one story with one story and similar characteristics bed, bath, same or close neighborhoods etc. 

Typically expectations for NPNs by newbies is unrealistic and what they think they are investing looks more like gambling.  

I feel like I'd be taking a gamble with it.

Send me your buying criteria (SFH/MF, property characteristics, how much rehab work you want, purchase price range, whether you plan to manage yourself, desired cash on cash return, etc. 

"Hoping" you can get it rezoned after buying is a very expensive gamble.  

The mindset for many lenders is, "if you have to pack a lunch for a site visit, it's outside your area of expertise," which at this point the deal is effectively a gamble.

The gamble I'm taking here is that I can get the property rezoned.  

Here are a few characteristics of our agreement: both of us will be active investors as we will be managing the day to day operation of our rental, we will split 50/50 the down payment and closing costs of the property, and he will be taking more risk as the loan will be under his name.We would like to know what would be the best way to structure such a deal.

Too many competitors, nobody wants to go all the way down to AC to gamble when there are alternatives much closer (and a movement to allow casinos in northern NJ), the city is decaying, etc, etc.