Looking for sage advice/tips on how to approach RE investments with a partner

[Anna M. Xiques]

A friend and I are looking to dive into a real estate investment together 50/50. Thing is, we're both fairly new to this.

The gist: 
I am already a homeowner. She isn't. 
I have great credit. Hers is excellent. 

We're looking in upstate New York as that is where we both currently live, but we're still thinking about what kind of investment we want to make, i.e. multi vs single family home, rent vs flip, long term vs short term rental, etc. Is there any one investment that would make most sense for us first-timers? 

Also, she recently heard about a $200k renovation loan we could potentially get. Any NY investors aware of this? 

Appreciate any and all insight and input you can give me!

Anna

[Kunal Datt]

Cash flow can be difficult to come by even in Raleigh and properties are not staying on market long (even the ones that need extensive rehabs). I am a local investor in this market so let me know if you want some insight. 

Not saying it won't cashflow at all, just don't expect 8-12% CoC returns.