Then the remaining profits get distributed at whatever split you both agree to...I often see it start at 25/75 (75 to the person in your position) and then maybe increase it to 40/60 or 50/50.It would really help if you could provide some numbers on your deal. 

My goal is to rent it out to start generating some cash flow.I’m planning to remodel the kitchen soon, and once that’s done, I’d like to move out to make the apartment available for renters.

It started with really buying my own personal home, then selling and making a small profit.

If you're not putting anything in, then I'd expect that your friend would want to get all of their capital back before you start splitting up the distributions.

Maybe after 2 years, you'll be ready to start finding your own deals and making things happen:)

What are the best steps to take when getting started? 

Hello guys , what do you think about dallasand Houston projections for 2025 is it a good market to start my wholesaling business their and what do you recommend me to do. 

At least in my area, it's cheaper to own a condo with the HOA dues than it is to pay for all the utilities, snow removal, waste management, maintenance, etc, that goes along with an SFR.

I borrowed $110K from a private lender for the purchase and self funded the repair of the offices. 3 months later, I rented 6,000 sq.ft. of office space to a corporation for $21,000/month + utilities for 5 years with another 5 year option.

This will likely change through your real estate journey, but I always recommend starting with something in mind.