My endgame is to end up with $300k/yr in post-mortgage income in 20 years based on investments I make now followed by continued investments over the next 10-15 years own.

Based on a quick answer from Perplexity it seems like there would be no issue with you buying the home and collecting passive income, but you may not be allowed to manage it yourself since that is considered active work.

I have a C property based on age and condition that is in an A / B neighborhood.

View report*This link comes directly from our calculators, based on information input by the member who posted.

I’m a broker based in Charlotte, NC, and I work with Compass to support investors in maximizing their growth strategies.

Based on conversations, I think it might be a little of #2.  

Based on the numbers and my strategy, do you think this is a good investment for my first property?

Spending on expensive upgrades is not the answer to improve your tenant base in this type of area.Keep the homes habitable, clean, and safe. 

In my opinion it would be cleaner to split partnership based on monetary contribution and then remunerate each active party for their work if the active work is more on one partner than the other.

@Elias Halvorson the poster actually lives in another country.The pinned Cleveland, OH reference is just what they entered based upon this post:)