These two are most likely on the opposite end of the spectrum and rent to different clientele, but from a property manager standpoint, how do these two properties fare and how much work do you think would be in managing the 5 condos?

Try interviewing at least three managers.1.

Thus easy to manage and low Capex expenditures.     10.  

Try interviewing at least three managers.1.

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

Yes, there are property management companies, but not sure if I would 100% trust them. 

There are a few properties in the Midwest that manage to generate cash flow, although the appreciation is minimal—this is about the best scenario you can expect.

Hey William, I am a real estate investor and property manager in Las Vegas as well.

The result for a background check using Zillow Rental Property Manager's site came back with a result of "N/A".

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.