Fast forward 2 years his landlord mentioned in passing he might sell the property; I was the first person on his mind.

The challenges experienced in the cases mentioned above and elsewhere would be non-existent.

Cold calling is already such a poor-performing strategy. the ONE thing good about cold calling is that you are talking to a HUMAN, building rapport, and asking and answering questions.Now that ONE good thing about it is taken away...Like David above me, no experience, and it would indeed be interesting to see how it does, but that doesn't take away from what I mentioned above.

Most advisors consider the two (2) year holding period mentioned above to be very safe, but remember it is your intent that matters. 

You mentioned to a "rinse and repeat" but what if "partner" wants out at yr3?

The loan to value that you can go up to will mainly be determined by your age.

their website says they do equipment financing no mention of real estate financing. ???

The only thing I'd mention is cash flow with a paid off property is a lot higher than with a mortgage, so it is 6 of one, half dozen of another. 

Not to mention the economic development steps the town is taking in ensuring the growth of town (roads, schools, zoning) stays on par with the future expected population growth and new jobs that are going to be a result of the new factories opening.  

I would not advise buying the condos you mentioned above unless there is something that I am missing.