But he only wants to reinvest 150K of it towards the new property we are going to buy together and take the rest as 'boot' to get some cash out for spending.

A vague foreboding that it could all go terribly wrong, that you never really know, that one day we could get a call that the whole building had gone up in smoke, or a giant sinkhole had opened underneath it, or a particularly bad windstorm had flattened it, or bad wiring caused one of the tenants to be electrocuted, or, or, or...We are all afraid of failure, and worst of all, failure right at the beginning of something, a failure that completely exposed our incompetence for all the unkind people we all know to laugh at behind our backs.

The bones are good, there is some painting to do and a little wear and tear here and there, but over all in good shape.

We are hiring a private investigator and as I stated I will not stop.

My partner and I haven't fully narrowed down our criteria, but we are looking for something affordable that we could do a house hack with.

Nevertheless I checked with the seller through my real estate agent and the seller denies receiving rent for either March or April, meaning we are owed rent for two months.  

Just think about walking and the robotic legs will start walking...We are working hard my friend.

As partners we are looking at about $40k total profit or $20k each.If I were to partner with the guy, how would you structure that agreement?  

However, look at the bright side... zero wear and tear on your fully rented AND paid for property.

On top of that, we are the best cash flow market in the country.