No income statement,  no balance sheet, nothing that can give you correct financial picture. 

@Russell Brazil is correct about time in the market. 

CORRECTION from above statement(s): Many Lenders will NOT require you to be a Personal Guarantor of a loan your partner gets.

Are there specific steps or systems you follow to ensure it’s done correctly?

Detroit has a mix of affordability and strong rental demand, with properties under $200k that can cash flow if approached correctly.

@Tim Horning correct but Ithaca already passed good cause so get ahead of it by having conversations with your town council members before their opinions on it become ossified

Once the above skills and tools are acquired, understanding the sequential process of the development along its timelines and costs needs to be correctly implemented.

I predict that the guys who are fully leveraged and cash flowing $100 per month will be motivated sellers when the next big correction happens.actually its either them or they walk and its their lenders selling that is what happened in that time period.. and was pronounced in certain markets.for me personally  I don't want to risk  my credit and finances and borrow 75k to make 1200 a year... or even 2400 a year if its a market that has a history of no appreciation and I don't feel there is going to be any significant appreciation.. 2 to 3% a year does not cut it.but I will take 500 a month negative or 10k a month negative if I think there are huge gains at the other end.. 

if you go about the process correctly, you can break free without liability.  

My Take on Cash Flow: Cash Flow is a hedge against corrections.