As far as structuring a partnership, there are all ranges of the spectrum. 

Now, with much due respect, I ask of all you seasoned pros and property geniuses out there: if you were me, a smalltime landlord with two successful NYC rentals under your belt, and now you had your first respectable chunk of equity to put to work, and you wanted portfolio growth paired with incremental income growth, and your tolerance for risk was somewhere in the middle of the spectrum (not on the aggressive fringe), and you found yourself feeling shut out of the overpriced market where you live, what would you do next?

On the other side of the spectrum are some very top-tier sponsors (the ones that have weathered at least a full real estate cycle with little or no investor money lost) that have such a loyal clientele that their deals fill up very quickly without advertising on Facebook, etc.

The spectrum looks something like this;You treat your investment like it is a blue chip stock that does not pay a dividend and pays off when you sell.

I should just buy it at the 165k he said he’d take and raise rents to 850/month but I’ll lose all tenants, need to get new tenants, and then I’m at the end of the spectrum.

I'm certain there are people all over the spectrum here and we'll add value through these responses.   

Light gray or light beige tends to go with just about everything in the spectrum - gray for cool floor/counter tones, beige for warm ones. 

I would choose the cash flow side of the spectrum.

What kind of person are you, and where do you fall in the spectrum of skills/knowledge to contribute?

I'm slightly more conservative on the risk spectrum, FYI but that's where my mind would be if I was you.