The universe is awesome and things will always work out for you when you expect them to.4.

That one didn't work out to well no fault of mine. 

It allows them to see the difference between the symptoms and the actual problems, and lay out a plan (financial) that works.The Algebra teaches how to analyze that problem, and work out the solution mathematically...with $$$ in front. 

Go after your goals with both eyes open and at least 4 contingency plans in your playbook in case #1 doesn't work out.

I am all about having multiple plans, so if the rental aspect doesn't work out and i have to sell, I could use the 40k equity to jump start my long term goal of out of state multifamily rental properties.

I honestly think for us it will work out better in the end to own the property without a partner just wondering how to structure this up front becuase we won't be able to fund the project without him.

If the rent doesn't work out you could always sell and still make a profit.   

With 2nds it's always a numbers game, some work out and some don't. 

This could work out well for you if the $1,600 number is the issue.

All assumptions that may or may not work out.