Loans are nothing more than networking, and strong financials which you look to have on the property.

No matter how you do it have a back up plan in the event the mortgage company call the loan due.    

If those don’t align, vacation rental or investment property loans might be better options.

However, if your income can't support the debt of the mortgages plus whatever else you may have (car loan, student loans, etc) then you may NEED that lease signed in order to offset some of the debt.

I am pursuing Fannie Mae’s 5% Down Multifamily Loan.

Our agent is not an expert on this type of deal but suggested a short loan term of 3 or 4 years and a balloon payment and written up by a lawyer. 

Would anybody in similar position be interested in starting a partnership/s to go in on a loan together?

Not all loan officers are created equal so if you call up a branch, you are likely to get assigned someone inexperienced. 

Hello Everyone, My name is Connor Walcher and I am a college student in Oklahoma.

His solution was to wrap this loan straight into a loan I already had with him.