I'll shoot you a PM with more details because I can't really be looking like I'm selling you something on the forums but figured this was good info for anyone tuning in to the conversation.  

New thing/partnership in question: A friend and his buddy approached me about getting into investing, the conversation over the past few months turned into them wanting to partner.

I find people myself (after calling lots of numbers where no one answers), have good initial conversations, and then they don't show up.

By comparison, your unit is larger and has a private yard space.

I'll just be super transparent with my friend and see what comes of the conversation.

If you can get loans through an institution  or private money and refinance after the new properties are renovated and rented.

If you're marking up the property substantially a double close using short term transactional financing might be more private.

Since we are new to REI and recent grads at the same time, we do not have enough cash nor able to secure private money for the time being (we want to have a track record before seeking out partnerships).

If a triple family multifamily is converted to condominium, how is the square footage of each condominium determined? How does it relate to the living area square footage recorded by the city for the multifamily? For ...

Conversations such as these will help define it further in the future.