My thought would be that I would bring a relatively small cash contribution but give most of the overall appreciation to the flipper, in exchange for the experience/knowledge that I would be earning and the promise to be the guaranteed first offer with predetermined price range when going to refi (maybe even with private hard money on family-member-terms).

Hopefully, in exchange I get to learn.Thoughts/QuestionsHe does have employees under him, but not any personal assistants. - Solving a possible problem?

If not a 1031 exchange would let you deploy into some different sectors and move from appreciation to cash flow plays.

Quote from @Christopher Gilstrap: Most states don't require a license for managing short-term rentals, although they do require a license (or an attorney) to draw up the management contract.I would approach her with the suggestion of managing the property in exchange for a fee.

If so, what would happen if in 5 years I decide to 1031 exchange the property again.thanks in advance 

Now your basis in the home is somewhere around $50k and when you go to sell the equation looks like this:$184k - $50k = $134k of potential taxable profitsThus the usefulness of the 1031 exchange!

Buyer beware.Those were good questions and an insightful exchange on many levels.

You actually own real estate and can do a 1031 exchange on your half. 

You can do a tax differed exchange(1031) into a better investment, double down on your equity.If the numbers make sense I would hold on to it.

The tenant, the section 8 agency, or both have a legitimate case against YOU for your friends actions.Honestly, given what you say, I'd get a lawyer to write up an agreement with this guy where you hand over your ownership in the property in exchange for him taking over all liability for what's been done.