Streamline your communication process to secure quality tenants.Focus on QualityThe condition of your property matters more now than ever.

Are the units vintage quality with in-place rents $500/mo below current market?  

@Jay Hinrichs which BTW, 6% is high.

I am in Florida and that is exactly what I do..I help OOS investors find high profit investment properties. 

Always do a right click google image search on anything you like, especially on Wayfair.

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Now that is a very high level example but the appreciation is not gone if that makes sense you will capture the ballpark same appreciation if the properties are comparable.  

So quality of tenant is irrelevant as accidents can happen.So most of your post demonstrates that you did not really think about it.  

He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

I am not a fan of concessions as I believe that it will attract lower quality, shorter term tenants.