Myself and a friend of mine are planning on partnering up to start rehabbing.

I just helped a couple get a fixer upper in Hiawatha and a bank owned property on the NE side in the last few weeks. 

I spent a great portion of my life in school and as such lost out on a lot of financial/investment opportunities since I was in school or in low paying jobs in order to gain experience.  

The property is a college rental and I purchased it already with prospective tenants in place and a property manager. 

You are paying the taxes you deferred and a penalty for cashing in early.

The people from auction.com came up to me and a few others and asked what we would have bid up to on these properties.  

I am looking for more buyers to expand my network and as well some mentors.

Im also a realtor and have my 1st multi, looking for 2nd and as you know the market is crazy right now.  

We have a fairly rigorous screening process that has served us well and I have no way of knowing what screening purpose was used by former landlord, other than maybe checking for a pulse and a wallet.

If you take a more passive role, you will still amass a great rental portfolio with a little less risk.If you take the active approach then I suggest you have a competent partner or mentor, and assemble the right team in the markets you considered.In the meantime, and as always, continue to educate yourself.