We had to move fast and initially decided to sell it, the relator who was helping us somehow convinced us we should make it a rental property......... and let her be our tenant (insert face palm here) so since we had no real estate experience and we were already moved away, we agreed.

I agree w/ Travis.

Thank you so much Greg and Chris. agree this is not cash on cash return.

Consider getting a statement signed by all parties which states that everyone has agreed to terminate the current lease early on X date and all obligations by all parties have been paid in full and that the deposit will be kept by the landlord and will be applied to the new lease. 

I agree with what has already been said.

Make sure both parties fully understand and agree on:How profits/losses will be split Who is responsible for what (e.g., repairs, management, communication with the seller).Exit strategies in case things don’t go as planned.When you do find the right partner make sure to create a joint venture agreement that outlines all of this clearly.

I’ll agree with you in general but that is only a portion of the reason.1.  

@Jonathan Klemm Couldn't agree more regarding value add being the way to go. 

At the same time, people who invest over the very long term seem to agree that focusing on the thing you know best results in the highest returns over time. 

I absolutely agree with manually checking the competitions pricing.