It also wouldn't hurt to get pre-approved for a mortgage to see what rates and amounts you can qualify for. 

The loan amount and property value would be a bigger hurdle than the tax returns or the pay stubs 

The mortgage amount is $159.500.

My first thought is that we'd split them after his expenses, proportional to the amount we each had in the deal. 

It sounds like it needs a substantial amount of rehab (to your benefit) so if you can get into it for a low price with seller financing that would be ideal.

I imagine market rent in a condo or "gated" community will allow you to included those fees in your rental amount.

It just feels like I'm racking up a massive amount of debt and waisting my time while I could actually be working.Thanks for reading!

Well, perhaps no a lot, but a fair amount.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

If you elect to convert gross leases to NNN leases, you'll most likely need to reduce the rate so it is equivalent (or maybe slightly above) the amount the tenants currently pay.Before you walk down this road, make sure the commercial units are separately metered.