So I'm basically new to the game - I've owned 2 properties for 7 years and been renting them, but they started out as properties I bought to live inNow I'm trying to diversify and invest in RE - but I work full time and don't know a ton about the financing sideI linked up w someone who's an active flipper in the area and discussed possibly partnering on a deal.

I spent 30+ years in Washington State and have had some involvement with DSHS (although not with housing).My advice to you: 1) Everything the state does takes three times as long as it should and three times as much paperwork as it should.  2)  You will probably have to attend some indoctrination -- I mean class -- either on-line or in person.  3) Your tenant will be endlessly "educated" on their rights and will have free legal representation. 4 ) Just when you think you know the rules and try to play by them, an administrator will come up with an "ETR" -- Exception to Rule. 

Joe Jackson I’m definitely all game in joint venturing with another investor like yourself.

@Ryan MattsonYou are ahead of the game.

Only play is APPRECIATION.   

I have been presented an opportunity to JV for 1 year with an experienced real estate investor with verifiable references and a proven track record. I have conducted my due diligence and found everything about this po...

"This contract may be financed or purchased with cash, however, there is no financing contingency." is your strongest play.

I still am in the trying to find the right guy stage of the game, I do realize with time it will come (I HOPE, LOL). 

There are factors other than income and credit that could play into a decision. 

Ok so you are into the long game.