I sell FSBO to control the transaction and who walks through, not to 'save money '. 

Values drop, sometimes drastically, rents go down as quality of tenant declines; cost of operstimg properties increase, and governmental interference, especially in the form of rent control, can slash values and profitability severely. 

I would think very carefully about ceding control over the investment given you are all inexperienced.

Quote from @James McGovern: I no longer entertain buyers agents from CaThere can be many bad players in any transaction. 

Remember you don't have to own a property to control it.

It would be a lien placed on the entirety of the property that is deeded in both your names (or in your entity, if you closed in the name of an LLC).If you plan to take full control of the property, you could refinance in your name/entity alone with a cash-out and pay your partner off with their equity share.

When a deal falls through, especially for reasons beyond the seller’s control, it can really impact the MLS record and even stigmatize the listing.

As a landlord, you should vote No on Prop 33.Costa-Hawkins restricts most control laws that local cities and counties can impose. 

Lastly, every sheriff's auction has the same ten players.

The rest is luck: did it rain that weekend and did we have the right buyers walk through the door, to push the winning offer just the last bit.. you can't control that.