Newbie looking to invest in multi family Niagara region, Ontario

[Tim Neufeld]

Just a little backround first. I'm a 21 year old that lives with his parents still, And i have a pretty decent job where i will be making 6 figures within the next couple years. Im very good at saving money and i want to put it towards something rather than just letting it build up in my bank account. I have been trying to educate myself through the bp podcast, Matt Mckeevers youtube channel and other readings.

Something I've been thinking about is there's another apprentice at my work that I've known for a long time and he too will be making 6 figures in the next couple years. He wants to buy a multifamily with me where we would live in a two bedroom unit and rent out the rest. We both have about 50k each saved up for a down payment and we would be able to pay a house off pretty quick with our combined incomes within the next couple years. 

I guess my main question in regards to that is, what are the pros and cons to splitting 50/50 with another person? Is it a better idea to do this alone? Am I better off living at home for a while still and saving up for a bigger down payment? I'm in no rush to move out, but from what I've learned so far the sooner you get into investing the better.

A couple other things:

1. Are there any meet ups in St. Catharines or Niagara region?

2. Links to quality forum posts are key bc I haven't quite figured out this site yet lol

3. I'm not very experienced but willing to learn. I do work full time during the week, but if we could work out something where we can trade work for knowledge i would be down for that.

Thank you for taking the time to read/ respond to my post. If your response is too long to type, we could always meet up and Ill buy lunch!

[Hai Loc]

Just to add to what Mike Oliveira said. You may need to add some sweat equity or work on a property to get it to a 1% deal. But it will change your cash on cash as you will be sinking in more initial capital just to get it to 1% in rents. You can always refi down the road but your money will be tied up till then.
Sometimes you shouldn’t just look at the 1% rule bc even a 0.75% deal might be better as it may have lower taxes and less work required and will yield a better overall cash on cash. You need to analyze those marginal properties as a whole.