While the 100% point is Ideal(indicating Reserve cash is equal to the value of deterioration), a ReserveFund in the 70% -130% range is considered strong (low risk of specialassessment).

EDIT: My ideal timetable is 1 - 2 years.

Ideally I'd like to find ones that need rehab, get a commercial loan from a bank on a property whose ARV will be high enough that the bank is ok with no money upfront.

I want to share the story with you and ideally get some feedback.

(I only ask because 1 of the properties is in far worse shape than the other so I am trying to get a feel of what your ideal would be)  Some people just want cosmetics and others are good with total gutting.  

Cashflow using BP rental property calculators come out to be $150-300/month.What would be the ideal strategy to start building my portfolio for buy and hold? 

Ideally the rent covers the mortgage so you're gaining equity and potentially living for free.

This one might make an ideal retirement home 10+ years down the road for me, so it seems like this would keep it simpler than buying it out from the other partners then, and they are both fine with that.

Getting out of wholesaling and into doing flips and renting out property would be ideal.

Before you set it up I would advise assessing your own resources (time, capital, skills) that you can provide to the partnership and anticipate what you think an ideal partner would also bring.