There's a lot of things im unsure of and any small mistake will hurt since things are tight make more friends that have money, see if theyre willing to do the deal with you if you can find a way to make them money without them having to do any work. 

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

:) Would love to make some connections/friends here! 

We’re in the exact same boat my friend.

Besides a declining population and tenant-friendly laws, you have to deal with the fact that neighborhoods can be as small as a city block in many cases.

I have a couple of friends who have several rental units in Gettysburg and said the rents are good and he has many professionals who stay for a good amount of time and pay on time.  

In my market, which is a fairly economical place to build, I am friends with full time builders that are in their properties about $150k/door for construction level finishes.  

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

Out of state offers lower price points and more landlord friendly areas in general (i.e. 

I am looking to partner with a close friend of mine (we've worked together many times before with both of us in various roles) to primarily do rehabs for LTR and/or resale.