If you dont have the tools and skills to DIY and get yourself out of a tough spot then you can be SOL if the deal goes south.

The properties are listed on MLS, the owner is a business connection from an alternate venture. 

For your specific question about doing a JV on the loan, my suggestion would be that both go on the loan and then do a separate joint venture agreement...because you can not have an LLC on the loan for those loan types, they need to be in your personal names.I am not a lender so maybe one of my lender friends could chime on exactly this would work @Zack Karp, @Michael Facchini, or @Jose Valdovinos?

if you can be hands-on: no PM, a lot of DIY, etc. you can absolutely cash flow. 

Some investors have found that working with the right team even in challenging markets can be a pleasant and profitable venture.  

I'm a very analytical person who won't start a new venture without first gaining a solid understanding, establishing the right framework and connections, and ensuring that I'm securing a great deal.

I want them to benefit from the success of our ventures and reap the rewards of their trust in me.

Or did joint ventures with people and next thing you know has $2M in judgments against them, which you can say deals go bad but still have not found someone who made money working with this person... meanwhile they sell $15k training courses.What I would say is the money is made from being a social media influencer.

I’ve not used them (Stessa is working for me) but I’ve read positive things from others using those as a DIY book keeping solution.

Quote from @John Matthew Johnston: @Marcus Auerbach Mind if I ask what your other venture is ?