What risks were associated with the transaction?

A great way to start is by attending RE events and joining a local investors association.

Haha, doesn't mean I can't be convinced to head in that direction though. 

Let’s look at the math.Pre-Covid, the National Apartment Association (NAA) released data showing that the average renewal costs between $5,000-$10,000 per unit.

While your partner accepts more of the cash from the sale of the FFE and the associated tax bill.This might take some accountant massaging. 

HELOCs are usually variable rate and there may be yearly fees associated with maintaining the HELOC.

What’s your take on the market heading into 2025?

It's a competitive market and most of the people that get in trouble here are ones that buy blindly without actually figuring out the numbers, etc.You'd be surprised the number of times I get asked after month one if their electric bill of $xxx or whatever is normal, and the thought running through my head is "how did you not  check things like that before you committed half a million dollars to something?"

Look into meetups through BiggerPockets, local REIA (Real Estate Investors Association) groups, or even events in nearby Seattle.

Where it gets interesting is that the house has 5 mailing addresses associated with it and the fire prevention bureau has on their records it is also a 5- unit house, and I am billed as such upon annual renewals/inspections.