The biggest drawback is the former owners still live there and haven't started to move yet.

Jordan Grimstad The biggest difference is the lower interest rate you get for a 15 year loan.

We also go to the two biggest local meetups every month.

The numbers look reasonable, however my biggest concern for this property is where is located and what type of tenants you'll get.

The most under market tenants tend to be the one's who have been there the longest which means that those units are the most expensive to turn (but the biggest monthly gain when rents are brought up to market)You don't want to risk a mass exodus particularly in February or March.  

Fees are probably the biggest concern, between broker fees, local RE board fees (for MLS access) and others, you could potentially be paying $5-10k per year.

Seriously though, my biggest fear is if I were to finally find that great looking opportunity, I would not be able to capitalize on it due to lack of funding.

Ive also taken my biggest step so far and actually called a real estate agent about a property i was interested in to figure out its current rents and expenses!!

You don't need your partner for that, Fannie Mae (the biggest mortgage bank of them all) has billions of dollars at your disposal to lend out if you take a little 20 hour online course, pass a test, pass a background check, learn what actually matters, and find an employer.If it's not saleable and bank conforming, then almost by definition no bank will buy it.Hard money charges higher rates, in part, specifically because they can't sell the loan immediately to recoup what was invested. 

If you have access to a thermal camera you may be able to see from the inside where cold spots are and figure out a way to combat them.Windows are a big area of heat loss too, if they are old that might be the biggest problem.