I have about 15 years until I retire from my W2 job with a pension.Thanks,David No right or wrong answer to this.

If these folks can truly hold for 10 years +, they'll be right but never know that's case by case with investor.But those finance teams are wrong.  

Nothing wrong with your approach but something to keep in mind.

Can I tell you how many times in my last flip where I got the wrong faucet, paint, mortar, tile, (the list goes on...)

I could certainly be wrong on all of it. 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Its tough to give more advice without actual numbers to see the sale proceeds versus the down payments.Nothing wrong with a 50/50 split other than when it comes time to take out your share in cash other than split rents. 

@Alex Cardaniuc it's all fine and great - until something goes wrong and you get sued.

I don't think there is a right or wrong here. 

You have to now include the extra time spent communicating issues, invoices, etc..with the property owner.Whether you do it or not is not a right or wrong matter, but you need to understand why you are doing it and if the extra cash will be worth your time.We have always turned down the requests to manage other people's properties, because I feel like the amount of money I would receive from managing someone else property would not be worth the time to me.