It's easy to get excited about potential, patience is definitely key.I believe the property is bank owned, but getting ahold of that bank has proven to be more difficult than anticipated.

Before you set it up I would advise assessing your own resources (time, capital, skills) that you can provide to the partnership and anticipate what you think an ideal partner would also bring.  

I just got a small check from ComEd b/c I used less energy than the budget plan had anticipated so it's probably more like $85/month.

Not anticipated but I had reserves.

I suspect your vacancy rates will be higher based on section 8 C class property.You should not count on refinancing at 4% based on future expectations and would be safer anticipating rates at 6% or more.  

I am anticipating putting $5,000 down but didn't know what to expect for the interest, does it usually follow the industry, for example so I have a general idea of what to expect or try and get. 

I owe that to all  landlords that will interact with that tenant in the future.

I know I need to start being more interactive on BP forums and networking with local people here in the mid cities. 

This is my first interaction with the conventional financing system. 

And as a side benefit...I feel that once you put a name to a face and have the personal interaction, they might be more open to working with you (even if it's not intentional).