The issue came with the poor structuring of bond into tranches as a way of loading up sub BB bonds into pools that allegedly had a A or AA rating.

It did not break the deal but it eliminated most doubts about the physical structure. 

Any thoughts and advice on using this method would be great!

Saving money is the easiest method to get started on your own.Money makes money.

Since I will be attending graduate school upon acquiring this first deal, I'm looking to find more of a turnkey property to both have experience with a first deal and also to utilize a creative method of paying for rent during school, I just won't have the time that I'd like to do hefty renovations.Any and all suggestions would help!

In general, buying using the method you are talking, will yield the least amount of cash flow per month and the lowest returns (other than cash).

My husband and I have been in communication with a fellow investor located in Cleveland regarding a potential JV to purchase a small multifamily in the near future. Over the weekend he asked us if we would be interest...

You might want to double check on the quit claim deed transfer method - usually is not transferring the title insurance.

That is the other issue, I can doing the refinance to get the cash out of the property to buy another - BRRR method. 

Only so much value you can force on sfr without adding a structure.