More details needed to offer advice: Monthly Mortgage Payment, outlook for speed of getting it rented, type of neighborhood (A,B,C,D)., what Cash Flow do you anticipate, etc.

The intent is there i.e. hussle and you can make money but the details on execution should be taken with a grain of salt.

Please leave full details on any recommendations.

If you're already eyeing a property, nail down the details of that property (deep financials, market opportunity, rental comps, sale comps if you're looking to sell in a few years).

I use the 50% as a guideline only...basically a sanity check on the more detailed numbers. 

Hello plz send me details

Do I form a limited partnership with an agreement specifying these details?

He seems to know his stuff, has worked on boats all his life, was able to lay out for me in detail a couple options to redo my kitchen and bath cabinets for $12/hr and he'd use me or someone for grunt work.

I also thought about creating some kind of loan or rental agreement with the homeowner but didn't really look into the details of it yet.

If one were to tell me they had cancer I think I'd respond that 'I'm sorry to hear that' and wouldn't ask for further details or interact with them any differently.