However I feel like one MAJOR aspect is overlooked in his approach.

You would be better served focusing on other aspects of your life and financial situation before trying to get into real estate. 1) Leverage your college degree to get a higher paying job2) Refinance or pay down your student loans.

@Drew Markert I'd also just keep in mind a house built in 1990 sounds reasonably new and in a lot of aspects (plumbing, electrical, foundation style) it is very new, but a house built in 1990 could still be on the original roof, furnace, ac that if they haven't been replaced are going to be right at the end of their useful life.  

If you are selling property, there is a lot that goes into it including marketing, staging, planning the open house and the legal aspects.

PM is PM, but returns are different in different places.Also, if you are looking to move your business online, I would spend my time working on that aspect of my business, and figure out how to replace you at the LA location.

Im just at a loss on certain aspects of it.

Sorry for the questions, the financing aspect of real estate investing is the one area I am trying to learn more about.  

If you just both have 50-50 ownership in the property and are both responsible for aspects of the performance of the property than a simple partnership agreement is acceptable.  

@Sean Edward O'Brien, I've posted multiple times on various aspects, and locations for investing for Dayton.

Like I mentioned, I am a developer/rehabber so most of my expertise comes into that side of REI but I am quite experienced in all aspects of REI so I will try my best to give you the best answers I possibly can.