@Pat Jackson You should read these threads - in one of them I also posted a list of questions you need to clarify with your partners:https://www.biggerpockets.com/renewsblog/effectively-conduct-joint-venture-agreements-as-a-real-estate-investor/https://www.biggerpockets.com/forums/48/topics/596231-how-do-i-properly-construct-a-purchase-with-a-partnershiphttps://www.biggerpockets.com/forums/51/topics/591376-create-an-llc-for-first-partnership-best-way-to-do-sohttps://www.biggerpockets.com/forums/51/topics/526244-taking-on-partner-s-and-limiting-our-liabilites

Only thing though U want to do this through title at least pay for a title report when you do a deed in Lu your taking title subject to all things on it.. and there could be junior liens or loans to you.. that if you carry through with the foreclosure they are extinguished.. so do check first.then if that's clear make a deal with the first.. your either going to end up owning it.. or maybe the greater fool theory will play out and someone bids it at the sale and makes you whole.. or you can lower your opening bid to make it enticing. you don't have to start your bid at 1oo % of what your owed.. during the crash I did this often I knew at 100% of what I was owed I would end up owning it.. and having to deal with it.. but if I lowered my opening bid to just get my principal back many times it sold a the sale. and I did not have to deal with it past that..

Do we need to form an LLC together, should we open a joint bank account together etc????

joint venture?

If you're paying $700 a month, you get pissed and do everything u can to prevent getting dings.So the real value of section 8 vs not section 8 is the tenant and wear on your property.

Start looking for joint venture partners and look at lease options.

You should be meeting with 100 people to be able to line up some good joint venture partners.

A Joint Venture with a Partner that has a large T4 income makes it possible yet then it is shared and not all your own. 

U know I can and will ask the lender but curious if any other veterans have done this.ThanksPete

You can do joint ventures for any type of property.