I have money saved to invest and i wanted to get a deal first before getting into a 30 yr debt buying a house.

Since the debt is $750k at a 4.5% rate interest only my annual debt service is $33.75k.

Instead of "partnering" with this person on the equity side, it may be best for you to just have him be your lender on the debt side - and you keep all the equity for yourself while he gets a nice return.

@JR Woolf, cash-out refi or HELOC.Cash-out refi will allow you to amortize that debt for 15/30 years. 

This way you can also get into a nicer asset and get above that million dollar mark, and seek non-recourse debt.

Lenders don't like uncertainty and changing DTI, debt load, etc creates uncertainty.

This means that when one of us goes to get an individual loan, the bank will not look at the other person's debts/liabilities.

And yes for you "negative-nancies" out there, we do have to split the cash flow and equity (and debt)!

I am the SF Bay Area and I sold my primary residence with the goal of using that equity for two things: become debt-free (check) and have something with which to start BRRRRing long distance. 

No amount of rent control legislation has ever changed that basic reality anywhere in America, despite all the hand fluttering and pearl clutching.We live in a country where no one has any money aside and Bankrate.com estimates that a $1K emergency would push 60% of Americans into debt.