If it's two people (friends, married, dating, whatever) then I combine their income to verify they make 3x the rent.

For my rental I used craigslist and Facebook marketplace and had over 50 inquires just with the two combined. 

What elements make income properties profitable?

The plan is to sell him one of my properties.I currently do not qualify with banks due to my income to do a cash out refi.My plan is to pull enough equity to pay him a deal fee and enough to create 3 new rentals and combine my current debt all into a 30 year mortgage payment to allow me more yearly cash flow.I will still have ownership of the rental but he will be the owner on paper.

@Jonathan Ard , my advice would be to hold, and start bankrolling your next investment from the cashflow you're getting currently, combined with income you are able to bring in from other sources. 

I'd figure 8%, but his is local.CapEx and Repairs are usually ~15% combined.

Or maybe it's a combination of both?

Invested mainly in Israel (where I live) and a few years ago, started investing in the US in the DFW area.Investing now both in rentals and flips and trying to apply what I knew from the previous experience to the ecosystem in the US with the relevant adjustments (you'll be surprised how many similar elements exist :) )Now expanding in the US to the Augusta, GA with the same mode of operations - finding below market properties, deciding on the best strategy for each one, buying alone or with partners.A pleasure to be here and learn so much from this great place.

A lot of times, we have to catch ourselves and think about not only the property, how we secure it, what we are going to do with it, but there is a human element as well.It's not just the numbers that make a successful deal. 

Kenneth, do a refinance on the property for the combined amount and you will have one loan.