It's a gamble for both of you, but at least you know the price up front.When I was younger, I knew an old guy that went to Florida every winter.

Retirement accounts are unhedged gambles on future tax rates, and the odds looks poor.

Most neighborhoods here are bordered on at least one side by a busy street.

This is gambling, you're trying to score big, and that always comes with risks.If he was a paying tenant this would be a lot simpler, but not necessarily in your favor.  

I paid around 130k for it at the lowest point after the crash (and it needed some work).I'm sure you could find a property for 30-60k in metro Phoenix, but it certainly wouldn't be in an area that I'd want to deal with.I'm not sure what the rental market looks like in the AZ/Cali border cities like Yuma, Parker, Lake Havasu etc, but I imagine the mean prices would certainly be closer to that $60k point.

You would be best advised to seek out both an accountant and lawyer who specialize in cross-border investment to help you plan your execution.

Put a fancy border on the top edge.A garage door opener costs a couple hundred bucks and it has a big wow factor.

(There are many other ways to pierce the veil) General partnerships never have protection from liability, in fact if a general partner makes a very bad deal and signs a mortgage for a million dollars then loses it all gambling all the other partners are equally liable for the mortgage even though they never received a penny of the proceeds.

It's always a gamble when giving an upfront fee.

People who bought into a deal where rent is $100 more than their PITI payment are really put into a bind when ANYTHING bad happens.This is no different than gambling.