The original idea was to house-hack using an FHA loan in addition to a down payment assistance program offered in my area.

No issues like having to foreclose and nothing that required additional funds from IRA.Now I’ve been presented with a different investment - new for me.The JV partner already owns the property and has been rehabbed and currently has a renter.

Sounds like you know a bit about creative deal structuring which is a major addition to one's toolkit.

In addition to her, I know of a bookkeeper in Woodstock who has worked with a few other realtors who may be what you're looking for. 

So, in this case you’d pay $185 to $190k, which would require you to make an additional down payment of $5-$10k.

Any additional info they mail to me or drop it off at the rental.

I focus mainly on fix and flip type deals, but do a small amount of wholesaling also in addition to some new construction and buy and hold.

I have been actively seeking another rental in the area, but all my offers keep coming up short and would like to network and maybe work with a local flipper on a property to gain additional experience.

My thought now is to possibly recoup the funds, I close on an additional deal this coming Friday that will have similar numbers, and attempt to find a proper BRRR multi family before years end. 

If the property has two units and both units are occupied, then a new owner can offer cash for keys (the easiest method) OR evict the newest tenant (or the tenant who is not over 62 or disabled and there are additional rules - check the RSO handbook) to move into the unit.