You split the monthly proceeds assuming there are monthly proceeds, and upon exit in 3 years, you split the profit from the deal, again assuming there is any and everyone is evened up at that time.If you were pitching me on this, I would say no because you assume no risk. 

If I paid cash for this property, the HOA + Insurance + taxes is around $500 / month. 

I need long-term renters as a back up.I saw a basement apartment for rent in LauriaVille in a gorgeous remodeled home that’s been listed for $1050  It’s been sitting there a couple months and that concerns me because that’s not a lot of money for quite a bit of space in a great house.It’s been sitting there a couple months and that concerns me because that’s not a lot of money.

For weeks/months/years it could be totally fine, without incident. 

At $5k/month with a 40% expense ratio, you're at a 21% cap..

.: How much equity have you built up in your rental and how much cash flow are you seeing every month? 

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

Hell, i've seen attorneys volley contracts back and fourth with each other for months on end arguing things like the meaning of the word "the" in "the contract".....All while racking up those $500/hour billable hours of course.Case and point, I won't change your outlook on the industry.

If I had an empty unit today, I think it would rent for at least $200/month more than a month ago.  

Been using for about 4 months and so far we like it