Financial freedom isn't simply about replacing your current income, because inflation continuously drives up prices, making a fixed income insufficient to maintain your standard of living.

They already "made it" via what there doing for active income. 

Throw your experiences in comments below; I'd love to hear success stories and/or horror stories!

The goal here would be to increase rental income.

@Brittney Yang first red flag is it doesn’t sound like he’s that interested in long term holds but the primary reason for partnership is expertise in renovation and secondary reason is balance sheet and income to help get financing.Regarding reason one, I would offer to compensate him for his time in assisting you and have a very clear scope of what that responsibility is.  

The ground floor was redesigned for retail units, while the upper floors were converted into modern, open-concept office spaces.Modern Amenities: Introduced features like energy-efficient lighting, upgraded HVAC systems, and high-speed internet infrastructure.Aesthetic Upgrade: Refreshed the façade with contemporary materials while preserving historical elements to maintain its character.OutcomesIncreased Occupancy: The property went from 40% to 95% occupancy within six months of renovation.Higher Rental Rates: Upgraded spaces commanded rental rates 30% higher than before.Enhanced Property Value: The property's appraised value increased by 50% post-renovation.Investor's ROIBy investing in smart architectural design, the investor not only revitalized a neglected property but also significantly boosted their ROI through higher rental income and property appreciation.

The expectation here is more income, assuming that your property is in an area where furnished rentals are in demand.

If you are a doctor with proven income or a contract, the bank makes incredible deals that they wouldn't make for me. 

That's the beauty of passive investing.

Not much if any attention is paid to the guarantors, credit, income, etc.