What are the roles and responsibilities of each partner? 

Knowing your why is crucial because this gives you the strength and purpose to keep going even when opposition stands in your way.Take complete responsibility for your success as we;; as failures in your life: Successful people do not play the victim role.

So time plays a big role in deciding which type of loan will work best for your situation.

That exercise would be a lot more cumbersome if due dates were all different. 

It can be great to video record yourself and role play with your broker or other colleagues.

You need to be ready to embrace the role of landlord once you acquire your first house You can easily do value add plays with your realtor friend.

It was renewed every year & after 12 years he finally exercised it & paid it off.

Do you want to be an active investor or is a passive role more your speed?

You become the conflict resolution mediator, which may not be a role you want to have, but it is better than tenants turning in their notice.

You need to spell out in your operating agreement what each partners role is and what each will be providing.