Go to lunch and ask as a general question has he ever partnered on a deal and was it a positive experience?

If that's the case, then it seems that ROI might go down since the discount of equity goes away in the calculation?

It looks like the property will cash flow out of the gate, so we'd like to just build equity for now and maybe flip in the future.

While I was interested in real estate, I wasn't "positive" I wanted to do it just yet.  

I am in the middle of a deal where I might act as a small equity partner.

When I purchased my first property I was roughly in your position - I had maybe $20,000 and put down $12,000.

I am positive I already know the answer, but please share if there's a way.

I know everyone starts out under different circumstances and compared to a lot of success stories I'm in a great position to start off.

If you are including the cost of financing in your cash flow (sounds like you are), be sure at least that you aren't including principal payments as an expense since these go straight to equity.  

And, if you don't like buy & hold (whether self managing or using a professional manager), you've got a good bit of equity in the property so you know you can sell it for more than what you owe.I don't see what you've got to lose on this deal.