A great cash flow, income producing property.

Through depreciation, other income taxes are offset, through debt paydown and appreciation, he's going to gain $thousands per year in equity.Subjectively, it may appear not to be a deal, but if the buyer understands these factors and wants the property, an entry fee under $10K sounds like a deal. 

Is there a way to maximize income beyond your original projections with this idea?

Frankly, I need this house rented as soon as possible and bringing in income.

Partnering with someone who has cash would obviously work and often times your credit, income, and even labor could be beneficial to them. 

You need to meet one of them to be considered materially participating.Spend more than 500 hours on your rental businessDo substantially everything for the rental businessSpend more than 100 hours on the activity and no one other individual spends more time than you doSignificant participation activity for more than 100 hours, and your combined activity in all significant participation activities exceeds 500 hoursParticipating in the business for five of the 10 previous taxable yearsPersonal service activity (non income-producing) for three of the previous taxable yearsRegular, continuous, provable participation in the business for more than 100 hoursThe first three are the ones the majority of real estate investors will evaluate and attempt to qualify for....

To guarantee compliance and make wise judgements, familiarise yourself with lease agreements, rent stabilisation regulations, and other legislation pertaining to tenants.The presence of rent-stabilized units can impact potential rental income and appreciation.

However, since the value of a commercial property is almost solely based on the income of the property, investors and bankers alike have grown to love balloon payments and rate resets.

Looking forward to the passive income but also to the tax benefits

And whatever taxes are owed (unless he's talking about income taxes) should be in holding costs.