Like Bill was leading to, your first task is to stop the water intrusion.  

I also want to avoid the insurance company issuing out a payment in both the names of the Lender and property owner .... which could lead to a dispute.For context, I lent money privately to another investor, who put up their non-homestead property as collateral.

Our lead times and occupancy rates went up a ton in our quieter months after doing this.

Main thing for you is: - Have both you and your buddy talk to the same lender and get pre-approved to understand down payment options and what your combined budget would be- Decide how you want title held (joint tenancy or tenants in common) - do a google search on this to see which option is best for you guys- START SHOPPING!

If you're going to be a leading partner - you'll need to be a decision maker. 

Your SBA lender will also be a good lead since they can cross collateralize the loan.

Most your leads are going to be investors who want a steep discount anyways and they may factor in the savings in commissions (meaning you technically aren't paying but it is still factored into the price). 

Some investors I talked to are doing MTRs and STRs (this seems challenging with competing with all the other AirBnbs in CA), some are trying to do a Joint Venture and buy multi-family. 

Most Turnkey providers only do the bare minimum to maximize their own returns, which can lead to issues down the road.With Value Add properties, you control the rehab process.

Flipping always seemed more risky and STR is riskier as well though it can be more profitable it can lead to serious losses.