Main thing for you is: - Have both you and your buddy talk to the same lender and get pre-approved to understand down payment options and what your combined budget would be- Decide how you want title held (joint tenancy or tenants in common) - do a google search on this to see which option is best for you guys- START SHOPPING!

There are two separate issues here: one is combining your personal and business banking which can complicate filing your taxes and is generally frowned upon.

You make the mortgage payments on their behalf.Advantages:Full Ownership: You gain full legal title to the property while keeping the favorable 3.25% interest rate.Control: You have more control over the sale because you hold the deed.Simpler Resale: Since you hold title, you avoid the complications of a land contract when reselling, especially to FHA buyers.Risks:Due-on-Sale Clause: The lender could potentially enforce the due-on-sale clause if they find out you’ve taken title, though this is relatively rare in practice as long as payments are made.Higher Closing Costs: You would need to close formally and cover title, closing, and potentially transfer costs.3.

(Which is rare)   Any suggestions? 

There are seasoning periods which means you have to wait if you want more cash out if the property because of property improvements, time passed or a combination of the two factors.

Failure by the Buyer to so notify the Seller and/or Seller’s Broker in writing, within the calendar days, shall constitute an election by the Buyer to proceed with the transaction.As @Nathan Gesner mentioned, an estoppel agreement is a great thing to get but I have rarely been able to convince a seller to get that from their tenants during a purchase and you could put yourself at a disadvantage when bidding on properties by requiring the seller to get this

Unfortunately most investors believe their excel spreadsheet will provide all the answers but I recommend combining your pro-forma with a greater emphasis on physical interaction with the properties and more importantly neighborhoods where you decide to invest.

That's typically where you'll find a nice combination of the better school districts, sales prices, and rent prices.

I don't know how we fix crime and schools without getting the Goobermint involved, which rarely works....Unless we gave tax breaks and incentives to builders and investors like us that would encourage us to take bigger chances and go develop some of these down-and-out areas......it's worked before.... 

These rental rarely show up on MLS, Zillow, etc.