You'll either want to create a partnership agreement or form an LLC and create an operating agreement, which will incapsulate both of your rules, responsibilities, rights and terms of the agreement.

These are not particularly onerous, and, quite frankly, are probably a good rule of thumb to follow.  

Also I even see clear improvement of neighborhoods which used to be bad.

In my opinion investors need to have a good understanding on maintenance and repair issues, as well as what it takes to handle improvements. 

PROACTIVELY Structure the deal.HOLD the property, refi and take out cash repeatedly if you need it and current lending rules allow ( that option cycles about every 5 years!)

You do this so that it lowers your monthly payments and allows you to improve cash flow on the property.

Within 12 months, I improved my credit score, got approved for a VA loan, and bought my first duplex!

Keep in mind local rules apply.

But I've never been a big believer in following arbitrary rules. :) I can get away with it in my own house, on a flip or rental I wouldn't try it. 

You may not get landlording experience but you'll get maintenance, financing, and paperwork experience.I think the discussion points in your head and with them are around what kind of improvements they would need or desire (if you have to make it elderly accessible that could be a selling point for the next tenants, but what if they want something that will cause you more upkeep in the future?)