This way he has some hedge on his initial risk of partnering with you while you have no experience, and you have the upside in that as you continue to prove to be an asset to him in the long run, you are compensated for your growing experience and success Many will say, and I truly believe this, real estate is a get rich slow game.

These are people with deep pockets, who can weather the storm pretty well. 

If you are a conservative investor put your money in a mutual fund or best option buy another income property.It is not advisable that you allow equity to suffer the slow costly death of being buried in a rental. 

My main concern with that is that's really diving in the deep end on renting!

The renovation took about 2 months because the holidays slowed us down a bit.

The property passed, the slow short-sale process continued and we hit another roadblock.

Based on the traffic I am seeing coming through at the house today I will most likely be too slow on the trigger, but it was fun to consider for a while.  

@ Joel Owens - good points, I am beginning to feel this was an "act of God" in more ways than one as I was pushing to close by end of Jan but the title issues slowed us down.

Additionally the time and cost will only slow down your investing plans.

The numbers work better with 3-4 tenants per roof than 1 tenant.I'm in the slow, painstaking process of gathering information on owners of duplexes, triplexes, and quadplexes in the area so I can start my direct mailing campaign to hopefully grab a few of those eventually.