I plan on doing more research on Bigger Pockets, but any overall advice is great. 

if you plan to use it as a 2nd home as well as lease it out, conventional loan will allow you to just put 10% down. 

We are definately planning at refinancing as the next step but need to resolve the partnership before that.

Yes a judge can still proceed with the sale even with a suggestion of BK and the only way a judge can stop it typically is if the borrower files a temporary restraining order, which lasts 15-30 days and must be a valid reason - the reason of "I am going to file BK" is not a valid reason to give a TRO as the borrower can file BK and then has time to complete submitting their plan. 

My friend and I plan to partner up for this REI journey.

Make a plan and work it.

I was looking for an individual that may have more experience in my specific market that can offer suggestions or advice with my projected plans. 

I have the initial plan drawn up already.

I willcontinue to work on getting the meet ups planned and scheduled 

What are your plans, own rentals or buy one and fix and flip to an homeowner?