Typically you'll need to make a larger down payment.

Unless you think you can make a 60% profit return on your $50k you will come out in the red. 

If I looked into the BRRRR method I could treat the money as a private lender, just with slightly lower interest rates to still make it a good personal deal but still get a small profit with someone I trust (myself).

Maybe attract better tenants (not sure if this is allowed if you have gov loans).Is this profitable?

Obviously real estate can be profitable.

You need to have a good agreement vetted by an experienced professional.If one partner puts in more money than the other, you could change ownership interests, you could treat it as a loan, you could reduce income/profits from the non-contributing partner until the contributing partner is paid, etc.You will want to discuss with each other who will be doing what management functions and whether that is worth anything to you both. 

I have no clue because you are in Canada, if you were in the USA it probably wouldn't be worth the cost of a company until the income is a bit larger. 

First start with an estimated profit of $400K. 

If you give him double his cost like some others have suggested but then tell him to never do it again, it will happen again because he made a profit off of it this time.  

Pearland is a larger population and experiencing greater population growth.