I don't have much experience with partnerships from a REI perspective, but general thoughts:* Make sure you both understand what you are each putting in and getting out of the partnership.

I'm thinking about this from the perspective of comparing to renting, which just seems to keep getting more and more expensive—at least if I own a place I can lock in a rate, build equity over time, and potentially (though not certainly) look forward to some appreciation.

Its brilliant at changing your perspective from looking at bottom line dollar amounts to looking at the trade offs in terms of rates of return.

Cash Flow Quadrant will help you on your perspective entering into the business.

I wanted to add that (financing kills deals) so as an investor you have to understand finance from a lenders perspective.

It may sound trivial, but going through basic exercises and putting pen to paper can really put all sorts of things into perspective.  

From the city's perspective they have reasons for their restrictions and permits.

@Nazimcan Suvag  Love your perspective on this.

I have my story, the struggle, and the journey from when I was a poor kid growing up, then when I began investing from the age of  22 or so to today at 31 years old where I have attained what in my perspective is success through real estate which impacts several categories of my life.  

But, yeah, from the unit owner's perspective what are the downsides and pain points Minh?