I (and many other) full time investors regularly have people invest alongside us on projects we do. 

You might be surprised at what you find as returns now in the REIT arena vs DSTs or regular investment real estate. 

Few of them go for Section 8 and some prefer regular tenants.You have to get certificate of occupancy and renewals for landlord to comply with city regulations.Based on the quality of finish and pars of Inkster; the rents can be varying.

I need to clean the unit and provide a map of the entire complex/amenities/entertainment establishments/restaurants nearby.

He is a CPA, Tax Attorney, IRA expert and regularly takes on the IRS in court.

Your $35 Goodwill table and smaller items that you listed would not be eligible for depreciation, and instead are just regular deductible expenses.  

If his income dries up, you still have 30 days to get rid of him and another month for cleaning/repairs.

Both partners have real estate experience and both work regular day jobs Partner #1 is seeking financial freedom and to use real estate for its long term wealth growth and to reduce his income tax burden by utilizing depreciation.

It is not just about what the property is worth but how much cash flow with the least investment possible and keeping the property with comparables in your area you can make, plus taking in consideration Capital Investments, vacancy, regular maintenance, etc etc

If the down payment is the problem and you don't want to owner occupy, just take some extra time to save up and become a regular 25% down investor the right way.