Assuming your DTI is in good shape, the easiest way to put the least down out of pocket is to use a HELOC on your current property as your down payment and conventional loan for the rest of the purchase. 

Good neighborhood, low interest, huge backyard.

It definitely can work, but as Nathan said, there must be a very good relationship between the partners!

Are you good with social media? 

It should give a good return, over next 6-9 months with either a gradual FED rate cutting and a great return with a Recession. another option is AGNC/NLY. 2 mortgage Reits that own billions of agency MBS, so as rates fall, their underlying bond assets will rise in value dramatically causing stock their prices to rise, and they pay hefty dividends while you wait, AGNC paying me >14.4%if staying in cash consider USFR pays 5.4% taxable, or BKN 5.6% tax free as munisGO TEXANS!

Despite good returns, he recently needed to exit from his positions.

We prefer to handle this because tenants often don’t find high-quality replacements on their own.In our market, we usually need a 30-60 day notice prior to move-out to fill the unit.

Buy quality and you should be okay for the next 25+ years.

With mortgage rates being so high, we'd like to do an all-cash purchase in a house with a good balance between cash flow and appreciation.

A good way to crush the 1% rule in a market that doesn't offer too much of that, but you are basically writing the property off after however long you plan to implement the strategy for.