My risk mitigating factor is that I have been in the trades for 20yrs and we could afford to drop to a single income family for a year.Is there anything that gives you a head up?

The housing collapse gold rush is long gone, we are now in the aftermath.

Get those questions out in the open and try to solve them ahead of time.You can discuss:Profit splits.Depreciation splits.Who is going to pay for what percent of the startup costs.Who is going to do what.What happens if someone cannot do their part.What happens if someone does not do their part.Who will cover any losses.What if one person cannot cover a loss.How will you handle any added money that is needed in the future.etc...Then when you have some of that hashed out, both sit down with an Real Estate Attorney who form LLC's and talk to him about it.Good partnerships are about good communication.As far as splits, rather than think what is good for you, maybe think what is (fair) for her, and go from there.

Don't go rushing to send out DMM.

Making sure by planning ahead and saving as much as possible for your investment is going to place your investment strategies in a more acceptable position when it comes to asking for money.Most lenders require you to have a minimum of 30% skin in the game before they will even provide you with a formal quote. 

Your ahead of like 99.9% of wholesalers with what you just posted in this thread.

I held the property for two years and luckily came out ahead due to appreciation. 

Once you understand the psychology behind structuring a proper Facebook ads, you'll notice why Facebook is ahead of other marketing platforms. 

Keep track of what you owe and make a list of where you are spending your money.As others said, do not rush to buy a place. 

Is it advisable to go ahead with the rental?