This is going to affect your purchase price, turnover ratio, maintenance expenses, etc. it also may impact your exit strategy when it’s time to sell the property. 

Welcome welcome, I recommend joining up with some local rest estate groups to network with in person and Facebook groups for investors, buy/sell, contractors, etc. to just be in the mix and see who is out there making deals and opportunities.

There are a lot of excellent operators/syndicators out there that you can build a great long term relationship with, not only the popular groups that are sometimes more focused on education or selling coaching.

So initially I proposed only a 5 year increase knowing that I did not want to have a 10 year lease with rent so low especially if I go to sell the building - it would be an unattractive investment.The new partner proposed to have no increase in the first year, then $50 after every year for the remaining 10 years. 

The amount of the gain exclusion when the house is sold will likely be impacted, I recommend your family member speak with a CPA when they plan to sell just in case their fact pattern has changed. 

We are currently renting a space in a strip mall and the landlord is willing to sell the unit to us.

Keep the buying/selling totally separate.

At some point, you'll be on the wrong buying and selling side and it'll be a loss. 

We recently came to the US, and have around 150k of cash on HYSA and some stocks, that I believe smarter to not sell to have different type of assets for diversification. 

You wouldn't be contingent on selling it which is a big plus.