Proper bookkeeping will help keep track of who has what dollar amount invested into the property in case of a buyout or a death.  

or if not 50% capital required why wouldn't the other partner just find a realtor and CPA to find/underwrite the deal and 3-5% for property management then own/keep 100%?

I want to preserve it the best I can and I am sure there are people that exit perhaps 5 to 10 years ago and did better with a truly passive investment than with rentals.After turning 40 (I am 43 now) I keep wondering this....

Granted this was on plots of land I didn't pay for, and that are already connected to the city's water and sewer, so there's a lot of savings there, but I'm hoping if it turns out to be this good of a deal I can still scoop up land and keep going

Here are a few tips to help ensure your property appraises well:Document Everything: Keep detailed records of all improvements and upgrades you've made.

Real estate prospecting is a numbers game, so the key is to keep reaching out, tracking your progress, and refining your process along the way.Let me know if you’d like to brainstorm more ideas or chat about prospecting strategies!

They would rather keep their house than sell it.Let that sink in.

These are good questions, but keep in mind that a month of obsessive research is still the absolute tip of the iceberg.

It's very easy to keep it all straight.

That's actually one of my pieces of advice for you... learn how to do your own book keeping so you know your P&L in real time at all times. 8) Hard to say without knowing the value of the place, CC&Rs, as well as any HOA fees/dues.