I plan to get our accountant's opinion as well once we get a little further into the deal.I would appreciate any and all input. 

I'm am currently only worth my savings account which is roughly $5,000. 

I had to do a lot of self study and research and it gave me a good overview about all areas of REI.

In addition, attend REIA meetings and study.

Most people you even consider blocking are "Account Closed" within a matter of days.

I’ve been studying up the last 9 months and glued to the BiggerPockets podcast.

@Michael FaudoaIf you invest sweat equity in a partnership, the accounting for it can get pretty complex. 

I am also trying to account for the eventuality that he could trash the place or a major capex item comes up while he is living rent free.Do you see other alternatives to structuring the deal where I shift liability and also reduce holding cost?

Before you do anything sit down and study/learn all your state landlord tenant regulations or get a meeting lined up with a experienced landlord tenant attorney.

I don't even remove my listing from online until I have a signed lease, and their funds have cleared my bank account.