Weigh out all of the pros and cons (including costs) and make the decision that's best for you.These are merely my opinions and may not be the best advice for you.

It could make sense to sell the property and invest it in stocks if you can get a better return there, but there is also some benefit to having a little diversification.

Simplify the structure as much as possible, have clear roles and responsibilities that are not overlapping (meaning only one person is allowed to make certain decisions) and a clearly defined exit plan.

CAN YOU make 35% on a rehab??

The internet makes the world very small.As far as buying out of state, one challenge I did not see any other replies mention is your occupancy. 

If you aren't an excel expert I wouldn't bother trying to make your own or scour the internet for an analyzer tool that may or may not meet your needs. 

Sounds like it makes sense for you to partner, I would suggest: spell out responsibilities very clearly, how you make decisions and most importantly: have a very clearly spelled out exit. 

Hello BP community, I would love to hear more about the process of developing in Washington DC.

Explore alternative funding options: Connect with potential investors who can help guide our decision.

Any one of us could give you our two cents on the math of it, but only you can decide if it makes sense based on what your specific goals are. personally, i paid points on my house because my goal was lowest possible monthly payment.