This market cap rate is the average of cap rates of recently sold comparable apartments so naturally I expect to pay that cap rate.

I've always been naturally frugal and have been a huge proponent of passive income but after months of reading, researching, and listening to the BP podcast, I've built up enough confidence and a tiny bit of knowledge to make it happen. 

I would strongly advise you to tread lightly on the down payment assistance program - FHA or Mass Housing.

I know light electrical, plumbing, sheetrock repair and can fix nearly any appliance that needs fixing, including minor repairs on a/cs .

Can anyone shed light on the expected return that I should anticipate to provide to the limited partner's?

We ultimately BRRRR'd that house in 3 months to get him his money back, and a house with $0 out of pocket (light bulb!). 

My strategy is to draw on my HELOC to put a cash offer and then put in light upgrades and get it financed through banks or other online lenders.

All new flooring, texture, paint, lighting/plumbing fixtures, bathroom and door hardware, and recessed lighting.

Tread lightly is my recommendation based on many years of dealing with the JTF and its many changes than some finance offices do or don't follow.

Substantial security deposits are s natural deterrent for bad tenant behavior.