You do need to be very fiscally responsible, as well, as pointed out above.

Thank you all for your responses!

I wouldn't hand keys and alarm codes over in the first few months but if a guy shows up on time and sober and puts in an honest days work I'll give him a raise and responsibility no matter what his history.

In other words, I understand I will become responsible for any outstanding debt(s) or payments due, such as association dues/debt liens/city violations etc; but is the original home loan also something I will become responsible for?

or am I just buying the rights to collect rent and responsibility for taxes and fees? 

i.e. up to 70 degrees is my responsibility, and after the tenant can use electric heaters. 

. - most expensive) and once they have the payment, follow up deteriorates dramatically in terms of responsiveness and quality. 

thanks for all the great responses; to further clarify; I rolled over several 401k from past employers into an IRA.

@Donald S.Thank you for your response.. great questions.

Thanks for the responses guys.So if I am understanding things right, my partner can bring the down payment, he can be the one on the loan, but we could still have a formal JV or Partnership agreement between us where we would split things such as interest deductions & depreciation as well as cash flow and long term capital gains '50-50'?