Thank you for the reply, Jay.

I have a unique deal that the property owner is just wanting the builder to build him a home for "free" and he will sign over the land.

A revocable living trust is another option for privacy and asset protection.Avoid gifting the property before death, as this would pass the original purchase price as the cost basis, creating a large capital gains tax liability upon sale.If the property is Subject A’s homestead, ensure the correct titling to maintain Florida’s homestead protection for Subject B.This post does not create a CPA-Client relationship.

Rents were below market at $750 and $820, while similar units rented for $1,000.

Obviously you'll want to budget for vacancy, Capex, maintenance, PM, etc....but I'm curious if those other strategies work to help even things out.

what do you pay for rent?

Is a HELOC a good idea for buying a property?

Bigger Pockets is a great place for education and networking. 

And no; if you own 50% and your friend owns 50% he qualifies for exclusion on 50% of the sale. 

There's no way around it unless you specifically work for one person only.