Hey ChrisI think the question you need to ask yourself in this situation (where your equity partner is bringing 25-40% to the table...the down payment basically), is "what value do I bring to the table?"

Seasoned investors actually seek out and depend on wholesalers who provide research and bring value added deals to the table.

I do have a bit of cash I can bring to the table  which should help in partnerships, but not quite enough to be bringing all cash to the table, nor do I want to bring all cash to completely drain my capital.

There is a meetup the third Wednesday of each month in Lake Forrest (22722 Lambert Street,  Lake Forest‎ CA, United States, Round Table Pizza).Best of luck  Chris 

You might leave a little money on the table but you will be protecting your profits much more than averaging things or taking the lowest guesstimates.

That should never be forgotten who puts the food on our tables.

The key is to not be greedy, but don't leave too much money on the table either.  

I'm new to RE overall and have a full time job so it's hard for me to offer capital or find deals to bring to the table at the moment. 

The rate will be a bit higher, but you can keep buying.I would agree with this statement however finding a residential portfolio lender especially at a fixed rate and an acceptable amortization table if buying for cash flow may prove challenging. 

I look forward to further studies on the matter, even though it will push back my time table for getting started.