There needs to be real clarity on what both of you stand to gain from the joint effort.What reason does your friend give for wanting to partner?

Since we were in it for two years we didn't have to pay the cap gains tax. 

@Marcy Moyer, my plan is to atleast live in the condo for next year to meet the two year capital gain requirement and then buy Property C (SFH) sometime later next year. 

I figured this would help find any sweet spots from a timing perspective as to when it became more advantageous to buy vs rent.The first section shows what you would gain on your cash investment if it compounded annually at a chosen rate.

Helpful captions with each image are also extremely valuable.

I'm in the process now of closing on a 3 unit in baltimore that was turnkey for the most part, but the biggest thing I found valuable was getting a good inspector. 

You can typically gain more value by duplexing the 1st unit down with the basement commanding more rent.

Since I'm a newbie I'm stuck between taking action and getting my feet wet and gaining experience vs being patient and finding a really good deal (which I know is difficult in today's market) 

Hello BP, Still new and gaining more knowledge day by day.  

I think what you are asking is if the opportunity costs are lost by waiting two years to avoid capital gains tax - no good answer.