Or at least just getting all of your thoughts and numbers on paper (or in a spreadsheet) and mapped out over the time period you're talking about, I think would be a very helpful exercise for you.

Books are important to maintain because it keeps track of the performance of the partnership not only for one year but over several years.Partners normally have the right to inspect the books.Will the accountant you work with either maintain the books for you or help you make sure its done correctly?

Property management is not a joint exercise between you and them.

There are some lenders that will do a DSCR loan with an option to purchase as long as they can't exercise the option for longer than one year.

I agree with @Chris Seveney that a performing note would be a very good starting point.

Yes, you read that right, the American system was designed to best facilitate FAILURE not success. because when there is freedom to FAIL, it comes from consumers ability to choose, choose who is worth it, who isnt, and the poor performers fail and the good performers are rewarded. 

Small multifamily, up to 4 units (at least to start), then graduate into larger investments as your portfolio performs positively. 

Quote from @Jonathan Greene: Never sell a high-performing property with no cap ex and low maintenance to buy another rental.

Make sure you don't chase deals where you can't perform.

They don't guarantee their performance and your money is lost if they flee with it. 4.