He spayed the panels and the tracks a light beige to match the other ceilings, and it looks nicer than I expected.

You seem to really have the right attitude and expectations going forward. 5 years is a very reasonable time to achieve the financial freedom you are seeking.

Remember, if there is attractive available financing or you’re willing to do a seller carryback, you can likely expect a higher price and a lower cap rate.In summary, there are many other unknowns.

Always buy with positive cashflow, never buy expecting appreciation.The deal must stand on it's on now.You will be paying 400 every month for the privelage to see if the property appreciates.

You can reduce that risk with serious research on your market; studying market cycles, the attitude of the city regarding growth, master plans, jobs expected or know to be coming to the area.

I was not expecting this and I am not well versed on structuring partnerships.

Quite frankly, I wasn't even expecting to get a response so I can feel the effect already! 

How do I buy it( because honestly I’ve never bought a house before) and what can I expect when I’ve started this?

I don’t expect t to be easy but I’m sure I’ll learn my way around the ropes.

When the dust settles, I expect to have 'bought' equity at a discount (i.e. $28,750k equity for a net out-of pocket cost of $8k).