It comes down to supply and demand.

Housing supply is the other function, and my view as rates increase so does inventory in markets that are coming up to pre-pandemic levels and the inverse in the one's that are decreasing. 

The money that you end up owing to repay the loan over the 5 year term is now post income tax money unlike how you traditionally are supplying your 401k with pre-tax money.  

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

Appreciation is driven by demand outstripping supply, and cost of new supply. 

I realize now that I should have supplied numbers initially- for numbers I am looking for $650k and under.

Just get it under contract as quickly as possible... an multi- page realtor supplied purchase contract often does not afford you the luxury of time.  

The country simply does not have enough affordable housing units, and the new supply of affordable housing units is not keeping up with new demand.

Actually buying these apartments and not the current supply is a good opportunity.

We find that having the tenant pay for all utilities and taking the small hit on rent we are far ahead over supplying utilities to the tenant.