However, to close the deal, we each need to contribute an additional $7K.

The reason I ask is because most deals I see on Crexi or Loopnet or anywhere else create negative cash flow under 7 or even 10 year terms with 7% - 8% interest rate.

Time and practice will still teach you as you do deals but it will help you understand what things costs for the size of the property 

But these issues have just been really discouraging to deal with. 

I ran the numbers and looks like a good deal (7% cap rate, 5% ROI, and ROI will improve as the years go by).

I have been listening and tuning into real estate rookie for over 2 years now, I have also been on YouTube university and watching and learning a lot about REI for over 2 years now and I am ready to apply what I know and get started my biggest goal is to get another deal under contract I understnad their will be trial an error but I'm excited about this.

I encourage those I work with to deal honestly.  

I'd say start the process of securing your HELOC if you havn't done so and spend time analyzing deals and determining what type of investor you are looking to be. 

If your 5th deal is good, you should be able to find funding outside the banking industry.

I don't think siding will really affect your appraisal - it seems to be more of a "does the house have functional siding or not" type deal