Definitely looking to get more involved in the community of individuals in our area.  

And will there be tax involve?

Meeting other investors and discovering how I can be of value to them is a great path to success for me and I bet it will be for you. 

The seller financing idea seems very involved for sure. 

I’d bet he’d be able to help you!

One partner will 'silent' and be bringing the down payments of aproxiamtely 20-25%, and the other partner (me) will be doing all of the aquisition, rehab management, finding tenants, ongoing PM, etc.....I am currently involved in 3 other partnerships that own buy-n-hold rentals, but all of them are 3 people, so '33-33-33'.

That's a very interesting process they have, I'm not sure I want to get involved in that initially. 

I’d be willing to bet it would cost less than a 1000 to get that place up to code .

I don't know what your market's like but, in general, 40 days on the market isn't that long.Again, not knowing exactly what's going on in your market, I would bet that there are plenty of lenders out there that will finance with less than a 49% owner occupant ratio.

I've done the rehab all myself so far with the exception of contracting out the new HVAC installation and electrician and I've gained a great deal of experience and appreciation for what is involved.