They key is to find out what you bring to the table to others; in this case to my mentor, my clients and eventually to my business partners. 

Any unique challenges?

If you go over budget, you'll be forced to bring liquidity you may not have to the refi closing table.

I am under contract for a 3 family home w a very unique set up. 2- 1 bedroom apartments and 3 and 4th duplex which has 5 bedrooms but only 1 bathroom this home is 8 min from Brown University in RI and 10 min from Johnson Wales. (6miles)Do u think its close enough to attract college students especially the duplex? 

Uniqueness is key.

Each room has its own unique theme and personality, making the home truly one of a kind.

Are you both friends and have unique skill sets and are breaking up the duties of investing based on those skills?

Hostfully seems like it will cover the basics we need, plus it has some unique features that others didn’t offer.

This is done via a traditional cap table.

You might want to consider using your equity in the land as your contribution to a partnership with someone that brings that sorely needed experience to the table.