Any recommendations as to what to tell my attorney? 

My recommendation would be different if you were a high-income earner or if you wanted steady equity growth.

Bigger Pockets is a great place for education and networking and is full of great content.I recommend that you check out the following resources:1.

I was thinking he supplies the down payment and acts as a silent partner.

If you are new and don't have a clue, then I would certainly recommend them or some company that can guide you through things until you have an understanding. 

When it comes to repairs, I recommend talking to contractors who can walk through the property for you and give you a solid estimate.

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Refer to your state, city and county resources for any required items, or recommended inspections. 

The process went smoothly, and I’m happy I got a tenant so fast, but the high supply of new builds in the area makes me nervous.

Quote from @Quan Pham: I'll give you the easy answer: sell.If you were fired up about owning an investment, I would recommend keeping the house as a rental.