Is a 50/50 split of all cash flow and appreciation appropriate? 

. $80k will net you $1200/mo.That said I am of the opinion that rent rates (up significantly since Covid) are plateauing, I don't expect to see them climb significantly higher.Regardless, factor my position of being a cash-in-hand personality who doesn't much care if the hype is telling us to buy-buy-buy or run for the hills.

Getting into the MLS is key to get exposure to all Agents in the area who has pre-qualified and/or CASH. 

Daria,Even with fixed income you still qualify to take cash out through a mortgage (cash out refinance). 

The owner bought it for cash, so no mortgage.

We are taking a cash out loan on my primary residence since the rate is over 1.25% lower.

However, ensure that the transition to 6% interest after 2 years is manageable with your projected cash flow.

IO also is an option if concerned about monthly cash flow. 

They were investors, and would not pay more than what they could rent it for and make a positive cash flow.

As a Spark investor, you are effectively paying double fees (Rise48's and Spark's) and then the cash flow coming from Rise48 is stripping 30% off for their carry, and of the remaining, Spark is stripping another 20% for their carry.