The group you call "hard money" lenders, I've more often heard characterized as "institutional" lenders.

Jacksonville's real estate market is characterized by a stable yet dynamic environment, a good number of reasonably priced home options, and a strong economy supported by notable job and population growth.First, as far as market characteristics go, Jacksonville offers a balanced market, meaning that neither sellers nor buyers have a clear edge.

Atlanta's real estate market is ripe with opportunities, characterized by its diverse neighborhoods, steady influx of new residents, and a strong demand for housing.

Then it would possibly make sense to re-characterize into a Roth and buy the property (for tax free cashflow)...

@Rob WilcoxUltimately, someone has to pay the interest from your personal line of credit.If you want the partnership to pay for it; you would characterize the amount provided to the partnership as a loan instead of a capital contribution.You should understand; that if the partnership is 50%/50% - your partner is ultimately paying for 50% of the interest.

But I disagree with your characterization of an HOA as a Landlord, nor is this about respect or consideration for neighbors. 

My young adult son characterizes the city as the "Portland, Oregon of the midwest".

You might be able to structure the garage cost creatively by having the tenant prepay a chunk of money that is then characterized as rent.

Age, construction type, and general conditions are just a few things that characterize multifamily classes. 

And second I think you need to really characterize your risk/return for both approaches you've outlined and see how that fits your personal appetite for risk.