Cash flow lower than conventional practice..

A family member of mine wants to do an 1031 exchange and get a small multi-family unit near me. We'd form a partnership with this family member to buy it together. My spouse and I would chip in a smaller portion of the down payment funds (about 6% of the purchase price). I'd manage this new multi-family rental building and get something close market rate property management pay. We'd use a lawyer, make an LLC, plan for exit strategy, etc. I trust this family member and we will put safety measures in place to make sure we have good transparency, clarity, and don't ruin any relationships.

I have a very part-time career in the arts that is fun, but a dead-end financially. My spouse is a very high earner and I am the primary parent. I don't want a 9-5 but I want a new career move and I've decided that real estate investing is it. I'd like to potentially build up to the point of getting real estate professional status some years in order to cut our tax bill (I've researched the rules, don't worry!). I have one rental house (my 1st home) and have done well managing it even from 2 hours away through a few curveballs and minor emergencies. We are going to add a DADU to that property soon, and I want to acquire a few more properties in the next five years. I like being a landlord

The 4-plex building we're looking at is in great shape and I think the rents are about as high as my region can tolerate. The price seems a little high. If we could talk the seller down in price and make a big down payment (family member has a lot of cash to unload) it would cash flow about $2000 per month to start. Some of that would go to me for property management.

Overall, it seems like a decent opportunity, given that my family member is taking on most of the financial risk. But, the math in this economy is tough with interest rates so high, home prices high, and renters in my area pushed to their limits. Is there somewhere else we should consider putting that money? Are a lot of people buying for the long term and being OK with lower cash flow?