But don't believe for a second that real estate is a make money with no money get rich scheme.

You'll probably go from absolutely no idea what color to paint it, to trying to decide between three or four great color schemes.

It may not kill the deal, but if you close and need to do some permitted work, the inspector will look around for any code violations he can find.Part of planning's revenue-generation scheme :)

However if the tenant doesn't want to make a deal at a reasonable price, I wonder if the my proposed co-owning scheme would be a viable alternative.

I don’t stick the the same paint color and scheme with every house—Boring as heck.

I fully recognize the desire to compare investment opportunities (both across markets and asset classes) and choose those with the greatest overall return; however, sometimes I think individuals lose sight of the benefit of real estate as a long-term wealth generator rather than a get rich quick scheme. 

Go with white appliances with your chosen colours. 

We are not looking for a short term get-rich-quick scheme. 

It doesn't take much time (a person can do it in six months) and it doesn't take a lot of money.There's a popular "get rich quick" scheme that is going around the wholesaler market. 

He thought someone working a pyramid scheme had sufficiently stable income (she's now 4 months behind).