I will be doing my own research on local laws & regulations, but want to do this 100% by the books.

I am local to the Memphis market here and like others have mentioned communication is key.

I'm looking forward to connecting with other local owners in these markets.

Are you local here in OKC?

I am on the board of CFRI, the local chapter for National REIA.

For financing, there are programs like FHA loans for first-time buyers, and there may be local or state-level programs offering incentives for affordable housing investments.

Attend your local REIA and start connecting.  

To maximize your investment, use financing options like FHA or conventional loans, analyze deals based on cash flow and cap rates, and network with local investors through REI meetups and BiggerPockets.Good luck!

My thought is to help him out by going in 50-50 partnership for many reasons: half down payment, half capex expense, strong co-signer on loan, me being local to investment property to take care of little things that need attentions (he will be out of state for his job/I will have PM), etc.  1. 

Obtain a working knowledge of the local rental market.