Since you’re already networking and have some good realtor contacts, focus on narrowing down your investment strategy (like buy-and-hold or house hacking) and target markets with solid cash flow potential.

Talk to residents, potential buyers and renters to see what their thoughts are regarding home values in the areas. 

It checks all my boxes for potential.

Yes it does, needing to keep the books and properties seperate for proper Tax Reporting and any 1099s you may need to file can be costly.

Not to find deals on the MLS but to potentially use the MLS as a tool to sell your deals.

The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

You'll have tenants that don't pay, damages made, and potentially other disasterous situations occur on your properties. 

Leasing is a specialized skill—PMs deal with this daily, making them far better equipped to handle applications, verify income, conduct background checks, and evaluate a tenant’s overall suitability.Protecting Your Investment:The cost of a bad tenant can be far greater than the cost of hiring a professional.

Prepare for additional costs: If you’re adding units, you’ll likely need to address the water meter situation and possibly upgrade utilities.

In addition to the issues with debt costs, the properties don't seem to be functioning in a manner that will lead to profitability or even break even.