I am not against it for the right person, but many people think that its a great way to get into real estate when you have no money and cannot qualify for a traditional loan, in that instance, its a really bad idea and mostly does not end well. 

@Sabina HasanGet an attorney asapEven if this person you are partnering with is a family member - their attorney works for them and not youYou will need to get a copy of all the documents from operating agreement and ppm or other documents being put together and have your attorney review them.

If you are pulling a HELOC or taking family money, leveraging credit cards, using personal savings it took you years to accumulate, whatever the source of money is - unless the source is endless - start small. 

I read the average person uses 17 gallons when taking a shower.    

I personally do NOT pre-screen.

"Title 28 U.S.C. 2410(e) - Whenever any person has a lien upon any real or personal property, duly recorded in the jurisdiction in which the property is located, and a junior lien, other than a tax lien, in favor of the United States attaches to such property, such person may make awritten request to the officer charged with the administration of the laws in respect of which the lien of the United States arises, to have the same extinguished.

(I understand this statement is not PC, but after 30+ years in the industry, I'm speaking from my own personal experience.)4. 

I personally wouldn't want to purchase bad assets, even if favorable creative financing was offered and I am confident I can accomplish more buying assets in a more traditional transaction than hunting down the unicorns.  

A person with a property in year 1 or 2 saying they have $400 a month in cash flow means they are missing a key metric in the information they are giving you unless the deal was100% financing and the only cost they paid out of pocket is the inspection cost, appraisal cost, and closing cost.

It all depends on what "too thin" looks like for you personally.