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.

Or if based on my tax returns, some of my currently owned rentals are showing a paper loss (due to the tax advantages etc)?  

It was a lot of extra paper work and the buyer was a crotchety old grump-but all went as planned, even had the buyer cover most of the closing costs.

Have your broker do all the paper work.

Usually the local news paper will say so and sold their house at this address to so and so for a certain price.

On paper we should be really easy to lend to, but the fannie/freddie lenders are ridiculous. 

A money judgment against a tenant is usually not worth the paper it's printed on, chances are excellent you'll never see a dime.

People keep buying these $30,000 shacks in the worst areas or the country because they look good on paper.

@Bill Brandt when looking at news paper articles of dog attacks there are 2 head lines; 'Dog attack...' and '...attacked by pittbull.'

While not as attractive on paper (initially), the reduced cost of unit turns as a result of longer-term tenancy, reduced vacancy because the areas desirability & the reduction in expenses resulting from nickel & dime repairs (the property will most likely be of newer construction and should be in better condition when rent ready) will go a long way in encouraging you to do more deals and realizing success.