4plex under 400k analysis

[Frank Pilipauskas]

2 Multi-family's recently have come on the market that I am looking into. My main consideration is a 4plex for under 400k. 3/4 units are 2 bed/1 bath, with the other unit being 1/1. Taxes are high in this town, around 630/month but the cost of the 4plex and the rent I believe I can get out of it make me seem like its worth it. 2 Bedrooms typically go for around 1100-1200 around here, and single bedrooms between 700 and 900. All units appear to be updated aside from the 1/1, and each separately metered for water/power if i am not mistaken. I will verify this tomorrow. If this is indeed the case, the only thing i would need to cover would be trash removal/Lawn. The other is a 3 plex for around 200 and low taxes, but needs a bit of work. Both in good areas.

I wanted to get the community's thoughts on the purchase price with such high taxes. I believe even with the taxes this would be a good deal if i could afford the 20-25% down payment. If all looks good, I may look for either a partner or private/hard money lender. 

if the deal looks good enough, would it be better to take on a partner for the down payment, then get a conventional low interest rate loan with a bank or would it be more beneficial to go to a hard money lender to fund the deal alone? My issue with this is I don't plan on flipping. Because this would be my first deal, i am not sure how to proceed. If i do not get a partner, would the course of action be to get a hard money lender and then at a later date refinance with the bank to pay the lender? Wouldn't the 25% down payment still apply? 

As always, all responses are appreciated!