There are three distinct types of knowledge you needThe strategies - you don't need to know them all, You only need to  know one, enough to do a dealHow to evaluate a deal. - Many never get to this point. 

If so, start evaluating deals.  

I am evaluating taking on a partner.   

Renting it out is an idea though I never considered doing buy and hold so I really have no idea how to evaluate if the property makes financial sense to do so with.

Similar to what you are talking about, some Realtors get paid to provide BPA's (Broker Price Opinion) - this is a really great way to learn how to evaluate a property and would get you the experience you currently lack. 

We are also interested in finding out-of-area cashflow properties and are currently evaluating different areas of the country to find some multifamily rental properties for buy and hold. 

Hi @Joseph Post, How did the evaluation go with the property?

If it's a long term buy and hold it's not a huge deal as long as it produces enough cash flow to be worth it.I would pay a couple hundred dollars for a structural engineering report and take a reputable mason to evaluate it as well. 

I think you'd have to evaluate your own situation and make that determination. 

I'm evaluating a number of different multifamily properties for purchase that are 100% occupied but with month-to-month leases.