You only need a place to track tenant information, payment history, maintenance, etc.

Then, with the end of year bonus I would like to use that as a down payment to buy a single family home near my parents in Atlanta.

make sure you have cash reserves. as soon as you sign, you could give them a 60 day notice of rent increases. documentation of the owners lease agreements with each tenant & rental payment history. you could sign a 6 month lease with everyone to see how things go. licensed & bonded contractors, someone who can take accountability- you can send an email too if something goes wrong (the boss).

So a project's capital requirement goes deeper than the down payment. 

Even under this scenario, with a 50/50 split, you will not be getting paid for doing all the work.Another option would be for you to put in 50% of the purchase price using an LLC that you own 100%, borrow the remaining 50% from your investor as a 2nd position loan at a fair interest rate with points, and borrow the rehab under your personal guarantee.Better, if you can find a lender who will lend to a newbie, and they are out there, you could borrow the purchase money using some of your cash as a down payment, as well as all the rehab funds using a construction loan.

When cap rate is below interest rate and it comes to baloon payment, this is all expected to happen.It's good that SEC allows accredited investor only to invest in syndication mainly.

I would appreciate any information.I'm not sure how much should I trust the RE person, it's in his interest to sell me the place.

You'd only need to bring the difference between the balance on his loan and what you agree to purchase the property for and your share of closing costs.The term is "Subject to" which is short for Subject To Existing Liens, Deed of Trust, etc.

The buyer either trusted or they didn't. 

If the seller will entertain it you write it into your offer - what you're willing to pay total, loan term, interest rate, down payment.