HOA 120/mo.

The average HOA fee seems to be about $750/month for all four units. 

HOA/COA Fees2.

It might need some updating and repairs, but usually have a larger lot (.23-.30 acres), and might be no HOA.

Hard to make those cash flow with the HOA Fees, taxes and insurance cost.

My concern would be as an investor that you pay a higher price (premium) to be in a complex with no rental restrictions but year(s) later, the HOA decide to implement rental restrictions.

Eventually the HOA’s going to come after their money as well.

I want to leverage my friend/partner for credit i.e, take the mortgage solely on his/her name.I would like to structure the deal so that we both share everything (rent, down payment, mortgage payment, taxes, insurance, hoa, property management, maintenance and repairs, vacancy) on a set ratio upfront at the beginning, anywhere from 20(me)/80(partner) to 50/50.The idea is that I get leverage on my investment without my credit history being impacted.

Don’t forget HOA fees.  

HOA help in many ways protect a new investor from roof issues and other big fixes, but they also cost money.