If you decide to take this route, I would recommend speaking with a RE attorney about structuring the partnership in a way where all parties have clearly defined exit strategies. 

@Kelly Beasley imo if you do a 50/50 jv split on all profits then both of you should invest the same amount of capital and ideally share the workload equally by defining roles, etc.

I found that @Matt Faircloth's book (Raising Private Capital) gives a great overview of who can be a private money lender and where you can find them, as well as the broad-strokes process.I've been doing PML deals for about a year now as the money provider.

Yes, this is a relatively broad question but what comes to mind first?

You will want to define your buying criteria (size, location, cost, etc.). 

The key is having a clearly defined criteria and knowing the neighborhoods well so that you recognize a good property when you see one. 

The elections in November will be the defining event of the next few years.

@Maria D'Aura that is a broad question and deserves a bit more consideration. 

Could someone please define these terms and explain the similarities and differences?

Define "fixed costs"?