Be careful.

She would be putting all the cash down for the property and I'm a contractor and would take care of all of the rehab work along with finding the house, dealing with real estate agent etc. how can we make it so that it would be 50-50 ownership of the property and all future profit? 

Are there other more creative ways to start cash flowing in year one Be careful because federal mortgage fraud and going to jail is a real thing.

Now the situation has occurred that we need to rent the house out in order to help pay for his long term care expenses. 

Can't say what's hardest, too many moving parts but take care of your tenants and build that goodwill, pays off in spades.

@Anthony Saheed I would advise you to be very careful to recommend people to speculate in volatile real estate markets.

Conventional 20% down.

Higher-quality areas attract tenants who are more reliable and tend to take better care of the property.

A reliable tenant stays for many years, pays the rent on schedule, and takes good care of the property.Reliable tenants are the exception, not the norm.

If you don't care about income and are more of a capital gain kind of guy, prices are already high (as you noticed) and there's plenty of land available to buy so I'm not sure how much is left in the tank.