@Joe Michaels, What a lot of investors will do is to use the 1031 exchange as @Michael Plaks said, isto actually "acquire" additional depreciable basis. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

So I put $1600 on a credit card for a down payment and then pay $500 a month until the full amount was paid off.

There is no additional "risk" on the note like a demand clause etc, but you have  extra expense in upfront one time costs and the pre-payment penalty that most programs are sold with if rates do drop as expected in the future.  

A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

Local banks and smaller credit unions are most aggressive in this space.

I’ve bought some houses with 0% interest for a year credit cards and a few with consumer lines of credit from banks.

U will never get a dime of rent and you are going to have to probably do as you stated find your own attorney.. its better to leave property vacant than to rent to folks that have terrible credit.

An emergency fund needs to be liquid, and immediately available to you in addition to being low risk and protecting principle. 

Most of our newer investors approach 2-3 lenders to discuss loan options.Some lenders recommend making your financing inquiries within a 45-day time period to avoid larger drops in your credit scores.All the best!