I am totally new to this but have devoted a ridiculous amount of time to understand the market. 

I'm getting up early every day to carve out time to devote to finding deals, buyers, etc...

This topic of cutting corners is so interesting, I wonder if we could devote the whole section of this forum to it, with photos and descriptions. 

I hope to get to that point one day where I can devote a mass amount of time to lead generation but at the moment I'm a busy student working 35 hours a week.

First, I would ask do you have the time, interest to devote to this asset class.  

We could live off my wife's income if I choose to devote my time to real estate and quit my job today.

Streets must either be devoted to public use and maintenance, or private streets protected by permanent recorded Easements.The remaining economic life, as determined by the appraisal, must be greater than or equal to the term of the proposed mortgage.

There are a few deals in my area that I would like to pursue, but don't feel like I should devote my time and resources unless I can own 50%.

You have to devote a lot of time to build these relationships and there will be trial and error. 

. - I encourage you and your friend check out our Ultimate Beginner's Guide to Real Estate Investing -- we've got an entire chapter devoted to this topic.