Lots of factors, but deciding factor was what what Torren described (waterfall highly favorable to GP).

I was just telling my friend today that I'm getting multi-family, high performance, and relationship mentoring all in one package! 

When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.Some key details:My husband is active duty and will retire in 3 years.We have one final move coming up this summer to Raleigh, NC.Our current debts are crippling us—the high interest makes it tough to stay afloat every month.The plan me and my husband are thinking bout:Sell the rental property.Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.This wasn’t our original plan, and we hate the idea of using our equity to pay off debt.

We have been doing this constantly in Boise as we are such a high appreication market, but still more cost effective than CA.

To raise capital, focus on building a strong investment thesis, leveraging your track record, and networking with high-net-worth investors or experienced GPs.

Benefiting from a high sale price in a desirable area.Cons of Selling: No further long-term appreciation or rental income potential from the property.

He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

Again, treating folks with housing support funds with the same dignity and respect as everyone else, usually nets quality clients that listen and do their best to follow the rules.

Any trusted registered agent or advice will be highly appreciated. 

Without the upside of a good neighborhood and/or quality property, I don't love it.