The borrower would then be responsible to service the debt moving forward, sort of like starting fresh.  

From a transaction perspective, I'd probably not want to give the partner any title to the property anyway.  

@Rahul BuraAside from the entrusting of your data integrity and security to a third-party - which may or may not be a good thing depending on your own capabilities - you stumble into the problem that while "the Cloud" is etherial from the consumer's perspective it is tethered to a datacenter (or more than one) which has a physical address on the surface of the Earth.  

From a knowledge perspective,  you would be personally better served by picking up a copy of @Frank Gallinelli's book "What Every Real Estate Investor needs to know about Cash Flow" and building your own spread sheet model.

If you need any help from an agent's perspective we close on lots of investment properties for clients in that area, so I'm happy to help as a sounding board or anything that you may need.

As I was reading, I also thought about the proper verbiage from a legal perspective.

I know holding two would be better.also in my philosophy sf bay area primary home might not be a good investment any way from money perspective.

Just some thoughts from a landlords perspective. 

There are several fresh comps that are model matches in my subdivision that further justified my decision to go forward.

I  I feel that this is the best time for me to get started because I am a fresh out of school, I am currently trying to build a real estate investing business, and I have a lot of time on my hands because I recently moved back home with my family.