If you are truly partnering you will need to set up and LLC and a partnership agreement which will spell some of these things out.  

Best regards, Hugh Jacobs, The Partnership, Inc.

I would like to go for the buy and hold strategy and the plan moneywise is to find an investor for a partnership.

You will then want to find a partner who has similar goals, otherwise, the partnership will be a disaster. 

Also, you will definitely want to speak with an attorney to setup the agreement since this will be a partnership. 

@Austin FinchOnce you have non-spousal investment partners you really do need to have a legal entity, whether it be a partnership or a LLC. 

She just helped me do a 1031 exchange out of a partnership where we wanted to do pretty much the same thing you are referencing. 

Then you simply have to find a private lender or investor partner who will bring the down plus renovations for example.Alternatively, create a JV or even a partnership llc to give equity.

You need to file a partnership return and it will generate a K-1 that will show income and loss for him. 

A property manager in the market you are interested in investing in will be an excellent resource as well.There are many ways to finance a rental property including traditional bank financing, seller financing, hard money, private money, partnerships, other investors, etc.