I believe you need to spend an equal amount first before the loan is given.

Most lenders want general partners net worth to equal or exceed (by 10-20%) of the loan value. 

Understand we both will  be putting in an equal amount of time, effort, and labor.

They are all equally overpriced. 

They come speak to we agents at conventions and claim they aren't trying to cut us out, because the way it works is the seller (who can sell without showings, staging, etc.) is given an "instant offer" by them, but also a professional valuation from an agent, so in their mind, they are including us.The offers are very low, from what I've heard, and the fees equal, or in some cases, more.

One purchase would bring in income equal to 10-20 sfr rentals.

While yours would not have the mortgage payment to make, a good leveraged deal will generally out perform a cash deal.Second, you will have to save up an equal or greater sum for your next property.

We are looking to put 25% down (or 30% if required), which would be funded equally by the both of us with a medium term holding period (roughly 5 years).

We have verbally agreed to enter a partnership where everything from financing to building the business itself will be equally shared.

For instance, with lenders in DFW (they lend outside of DFW) you can easily score a 3-5% down conventional mortgage program at equal or better overall terms than the FHA loan.