The very first thing you need to do is sit down and learn the value of cash and how to best invest in real estate.

I would go a step further and that say your investment goals/results should sit secondary to your life goals.  

Your statement that this will be confirmed w/escrow is risky, you should not depend on others, they make mistakes, title insurance is insuring the prelim, not what the escrow agent says ... read the prelim(s). 

I am sitting down with my local bank early next week to discuss the options. 

@David Jenkins Ultimately, we can all sit around and debate what is best for you.

He is holding strong on him doing NOTHING other than provide 50% of the upfront cash while wanting 50% of the assets.As a side note, he (my friend) is sitting on a huge pile of liquid assets to use towards "investing".I know he is very nervous going into REI, but if we pull this off and he feels comfortable I know we can take down many more properties.

The place is something like 350 units total sitting on about 70 acres of land and the closest neighborhood w houses is about a a mile away from my unit, so I don't feel like dragging a mower all the way out.

@Aaron Deane@Jason Carter just gave you the holy grail for getting things done while sitting in your office.

@Jon S., It worked great.

The ones renting for cheaper are sitting longer.