To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.

I think your future self will thank you for doing that.Perhaps take out an equity line of credit in case you need it and using a property manager.

Pro - I avoid any future repair expense.

I believe our team will continue to meet the level of service you expect in the future, but should you need anything or have an issue, please reach out. 

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

Real estate is not the stock market and it's called buy & hold and not buy & sell for a reason.I did sell a few properties about 10 years ago when I learned the hard way that going into cheaper neighborhoods was not the right strategy for me, so that was basically a strategy correction and it was necessary, but also costly both in terms of dollars and time.

These rates of return surpass what bank-provided bonds and stock dividends offer.

I've done pretty well as a relatively novice investor in the stock market, just investing in S&P 500 tracking index funds.

My business partner and I own some STR's here that perform well and are in areas that will definitely appreciate in the near future.

Audrey - Dave might disagree or add more context, but I think that predicting 5-year rent growth is a bit like forecasting the stock market 5 years from now.