I need some gentle guidence as a start in what direction to go to find out foreclosure costs.My JV partner and I own a note and the borrower has defaulted and not paid in several months.

Partner with an investor-friendly agent and mentors to identify properties with strong rental potential.

I'm writing on behalf of my partner, not me.

Thank you,Nirav Since you already pulled the trigger...and are a limited partner...this means you have the benefits of that (i.e. no liability beyond your investment) in exchange for generally having no ability to vote or have a say in how the investment is managed. 

You could also get involved with your local REIA and try to partner up with a more experienced investor, depending on what you can bring to the table, in terms of value add. 

Better off saving the 20% down payment + closing costs and reserves or getting a partner involved. 

I have participated in a syndication as a limited partner, but want to branch out into private lending, loans of one year or less. 

My partner rents out her family's vacation home on VRBO. 

After a quick search though, it looks like you would partner with a wholesaler and bring the earnest money that ties up the deal until they found an end buyer.

:)  Did you get into larger multifamiliesI have business partners who are exploring larger deals, so I expect that I will eventually be involved in them.