I would certainly ask for further clarification, and some written verification of his beliefs.

Ideally you simply join him as a Joint Tenants (a form of title) which means the shares of the title are split equally amongst the two of you, so 50%/50%. 2.  

So you are in a good company.Some say that your net-worth equals your network, and this is the place to make right connections.

Let me explain why:If each unit rent equals 1% of the purchase price or $1,890 per side and you take out 50% for expenses including vacancy, taxes, insurance, repairs, utilities and capital reserve you would be left with $945 at the end of the month to pay towards the loan (assuming you are living in the other unit). 

each of us will likely contribute equal amounts, if that has any bearing.thanks

Not all loans are created equal. 

So you are in a good company.Some say that your net-worth equals your network, and this is the place to make right connections.

Number 2, it the return equal or greater than the returns you can get in that area on other properties? 

In the event the auction does not give way to a bid equal to or exceeding the Mortgagee's minimal bid, then title will be issued from the county to the Mortgagee upon the expiration of any post sale redemption period, if any.  

Personally I am of the belief in owning rental property on an area that you know well and live close to an manage yourself.