Welcome @Amauri Campos, you chose a great market for sure..

I have about a year of property management experience in the Iowa City market through an internship.

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. 

Before putting it on the market, you'd have to have a talk with your partner.

We discussed that in 2 years he would either sell, Rent it out ( and we co own the rental)  or buy me out of my share at present market value.  

However, something to consider is that in midwest markets, big multi family properties tend to attract lower quality tenants.

Stock market returns estimated to be much lower next 10 years.

Any tips for me or any best practices from fellow investors whose been in this industry for a while now?

"Long Distance Real Estate Investing" by David Greene is a good options and will help with getting an idea of good markets all over the place, not just your own backyard. 

@Eric Lahoda, is it typical in your market to charge fees for those items separately?