Although this partnership is a good fit on paper, I would highly recommend that one's partnership somewhat compliment your personal investing style.Sometimes, that polar opposite creates a good balance; but also it challenges.I am providing this post mostly to share my personal observations and also, because there are equally as many request seeking partnerships and funding.For those individuals, I submit that that partnerships with colleagues, family and friend inherently involved possible nuisances in operating style, priorities, and realistic timeframes on the amount and division on your net return of investment.In summary, think, plan and have those discussions prior to forming your partnership, funding etc...these are just my thoughts in hindsight.

I appreciate the questions pointers and they actually  confirmed my observations.  

@Mehul Mehta, @Azam Khan - one observation is that you should not be limiting your focus strictly on single family.Have you thought about getting the economies of scale and investing in multifamily (apartments) via a syndication?

This isn't really something you can ask too directly, you don't want to seem like you're setting him up to be discriminated against, but if you're observant, you'll notice pretty quickly if he uses home health services, has a social worker, etc.

Auction properties typically require quite a bit more research and don't come with as many exit strategies as those found on the MLS.I would recommend attending your local auction with no intention on purchasing, observe the actions of the bidders and maybe befriend a regular, if possible.Good luck!

You need to constantly pay attention and observe properties in the area you are looking to invest in.  

You might want to drive and observe on those neighborhoods at 6-7pm.

Financing is not a problem for me.I agree with your observation from buyer's agent prospective.

@Valerie Moye It appears that the seller is looking for an all cash deal if you ask me, but that's just my limited observation.

I have attended a few courthouse foreclosure auctions and have observed the following situation and I don't quite understand it.A property has just two liens on it, a senior and junior.