$1750 Cash flow - Financing First Deal?

[Quinn Morrissette]

Hi all, 

This is my first post on bigger pockets! I am looking at a muti-family in my hometown, an old mill town that is finally starting to see some appreciation (6% this year).

Asking price is $200,000- 4 units. It was purchased in '07 for $150,000 and renovated to high level- top of the rental market in my area. According to the seller, gross rental income is $3350 per month, and the building is fully occupied. Landlord pays heat and water. 

My questions is: I have two financing options: FHA loan, or, with a partner who has a big cash reserve- 130k, and we would split the conventional 20% down. They have no real estate experience either, but I believe we would make a good team working together in the future. I can comfortably invest $15,000, enough to cover the FHA.

Appreciate your insights- Quinn