We have agreed that the loan will generate a 5% interest rate, and my partner will have the sole discretion about when payments on the loan will be made, i.e. when the interest on that loan became more of a liability than the continued use of capital was an asset, he could choose to sacrifice the cash flow to pay off the debt.  

We are buy and hold investors based in California, yet choose to invest in Cleveland where cashflow is far better.Our philosophy is to buy SFRs in 'B' neighborhoods that are primarily owner occupied and also have decent school zones.

If that property passes a rigorous due diligence process and you choose to pursue it, I think, as a new investor, your best strategy is to figure out if it would be possible to buy the 2 acres with the duplexes and sell the other 8 acres.You can get up to speed on handling those or hire a PM a whole lot faster than you can figure out how to develop raw land. 

Most info I've found covers steps from the seller's perspective who in typical transactions chooses the title co.

If you don't mind, which system did choose and why,  I'm  looking into several and I'd appreciate your insight.

Those who wish to be more conservative might choose to rent for 24 months or longer.  

How'd you choose Memphis?

This way, you'll build the skills necessary to manage a property with your duplex...which will make it easier going forward if you choose to buy more. 

Either way you choose to go good luck to you.

There isnt a ton to choose from under $200k.