You could structure a joint venture agreement but make sure you lay out the following: - Purpose of the Venture- Contributions- Ownership and Profit Sharing- Decision-Making- Management- Duration and Termination- Liability and Risk Allocation

Your local REIA can often provide similar information at a fraction of the cost, allowing you to allocate your saved capital towards your first deal.

Will show you how to analyze allocation.  

I agree many/most newer investors under allocate for maintenance/cap ex.  

The net proceeds would be allocated 70/30. 

Is the $1500 income the rent or the cash flow after properly allocating for expenses?

@Keith Consiglio, you can allocate your proceeds any way you want. 

I love its customization capacity and I can allocate unlimited spending categories and sub-categories.

@Nancy Chawla, In a mixed use property like this your accountant has already split up the property into the investment allocation  and the primary residence portion. 

But since you can allocate your proceeds any way you want, you combine the exchanges and buy two replacement properties - one with cash and one with debt.