It is possible to over pay on the purchase and yet have a high ROI say... 20% with higher cashflow which would make it underpaid in a sense Ex: Home1 50K BELOW market cashflows $400/mo 12%ROI / Home2 100K OVER market cashflows $1000/mo 19%ROI......... just know that your probably not refinancing anytime soon and that equity is off the table for now. 

I would have to agree that if you cannot find the correct answers you are looking for in regards to a time table or the law surround an eviction you should hire an attorney.

I have 100-150K to put towards deals and would hope that my partner would bring an equal value of capital or experience to the table.

You will sign a promise at the closing table to move in, occupy as your primary, and live there for 12 months.

Meaning if it appraises at 575k then a conventional loan will use that as the value it bases the loan off any sale price higher than that would require the buyer to bring cash to the table on top of what ever percentage is required based on the loan type.  

If you are going to pursue no money down financing you need to have a strong case for what you bring to the table and why you will not walk at the first sign of trouble.    

Zip Codes - the best data for zip codes comes from the US Census http://www.census.gov/quickfacts/table  There you can enter a zip code to get a very detailed picture of who lives there, how much money they make etc...Again once you have that data I would do a lot of Google research to see what is happening there.

When figuring out the split, do we take into consideration the amount of money I brought to the table from the loan?  

Not sure if that's what happened, so I apologize if I am wrong.A friend of mine has reached out to me about RE and we still have to work out our strategy on paper and figure out exactly what we both will bring to the table to make this work.

You have to ask want are you bringing to the table?