I will contribute money for buying and renovation, and the partner found the deal and will do management of the project, split is 50/50.

I have 50k in equity built up and am looking to buy my first rental property, most likely a single family house.

What's your criteria and preferred zip codes when buying?

They have the option (but not the requirement.) to buy the property in 2-3-5 years for price x or forfeit their option money. 

Once you have that you can qualify for a low money down loan and buy a double. 

I plan on buying at least a couple other 2-3 unit properties in the area (Newark, Jersey City, East Orange) over the next 2 years, so it will be great have a contact.

I found commercial building on LoopNet and want to explore buying it. 

If you buy a turnkey property you have very little chance to force appreciation  so you have to wait and pray for values to increase (not good).When you run your numbers in AC remember to leave wiggle room for flood insurance most of AC needs it and increase your turn over budget for when tenants move out. 

After buying, manage the property.

Hello,  I have heard so many stories about wholesaling to start off and it sounds great but I never hear about the situation when you don't have a buyer and are stuck buying a property that you don't necessarily want.