I see a lot of clients come to me with term sheets from other lenders that arbitrarily increase the ARV or credit score, just to bait and hook the borrower into doing business with them, so just be on the lookout for this. 

You don't have to pay cash.Rooms to go has zero interest on whole rooms of furniture all the time.Put the other stuff on a credit card and pay it off quickly.

But I began this reply with IF, because if they are all cash-flow positive, I would personally not seek to pay any of them off early (depending on your age), and instead save that money to put towards obtaining additional properties.

I’ve checked into my Credit Union and Primary bank.

again, i'm not trying to be discouraging - just trying to arm you with some facts as you get started.feel free to PM me if I can be of additional help

Additionally, I am a licensed real estate agent and help run a local real estate investment meetup group here in Milwaukee that meets the last Saturday of each month. 

We would use the income to fund additional rental property purchases.

We would use the income to fund additional rental property purchases. 

And what is your credit score?

Better yet, have an attorney draw it up since he will know what questions to ask you two. commissions are earned and should never be put back into the project your partner will owe personal income tax on it.. if you want to get a credit for it.. you have the seller lower the price by the commission that is how you handle that.. if its to late then its his money and he should pay tax on it and keep the rest.