Since this is your first deal I'd advise starting small to limit your total exposure in the event the deal goes belly up, but don't just by the cheapest thing you can find make sure you're getting a good deal and when you are running your numbers don't forget to account for a PM (even if you wont be using one),CapEx, Repairs, & Vacancies. 

This is apple and orange juice.

My market is considered low-income and I would like to have long term tenants so don't want to end up having vacancies should the economy go belly up.

There isn't a ton of juice in this deal, so any cost savings or strategies would be appreciated. 

If the deal goes belly up then each is liable for $200k.

Here's a very basic explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

But you have to look at the other benefits of RE since that's where the real juice (wealth generation) comes from. 

Once all the other expenses are added, there is hardly any "juice" left and in some cases none. 

I've held jobs as welder, jeweler, diamond cutter, Baker, postman, motorcycle/watercraft mechanic, etc... wife had several odd jobs as well, from swamp meet concessions, to house cleaner, to Gym Juice bar, to telemarketer, to Librarian.

Plus, when we looked at the logistical tail end of it, the juice did not seem worth the squeeze.