Does he now own half the property or is he entitled tonhalf the profit?

I manage properties where I live and one bad month, one eviction, one water heater goes out, you could be upside down on cash flow for months and I am thousands of miles away so I have to trust their "Trusted Property Manager"Sorry for the long rant, the question I have is what about Tennessee?

Ok thank you for all the great info, Just bought the building and they were on third floor and the rent was more than half of the market rents because they are family to the old owners, they are moving to first because one of the occupants is elderly.

It's not a job you can half-a$$.

You have an affordable place to live, about half your mortgage payment is paid by the renter, you get to dip your toes in the investor/landlord waters, and you are in a market that should continue to appreciate in value.I recommend reading and educating yourself while saving up for the next investment.

.: What I find a bit interesting is people won’t consider buying a rental in a D-class neighborhood in their own city, but open to buying D-class 2000 miles away.

I've done it probably half a dozen times by now.

I've been doing SFH investment in last 20 years, with half of properties in bay area and rest scatting around sunbelt states. 

@James WiseWith a conversion rate well under half of the others on that list, you might want to hit up Mike Dymski for help closing more of your posts into votes. 

The reality for many is that life gets busy, the half-day trip to the property is difficult to cram in, and that property management is tough.