I understand that this will necessitate working with property managers, but I am hoping that I can build a good team for mutual benefit.  

If you have the purchasing power or other investors in the mix then looking into the commercial side would be very beneficial.

I drove by the property and it is currently occupied which is why I thought maybe contacting the previous owner might be a beneficial tactic.I would definately love your title company referral, I was going to check it out and make sure its clear before pursuing it further.  

I have my father-in-law willing to invest in me and my partner but I don't know how to go about it for it to be the most beneficial to the both of us. 

You will probably need to get creative with the financing or possibly choose a different financing option however, there are some good viable options mentioned such as the lease buyout that could prove beneficial for your situation. 

Anyhow, I'm not the person to be giving life advice, but that book may be beneficial for you to read.

Is it more beneficial to register a management company as an LLC, S-CORP, LTD, SOLE PROPRIETORSHIP?

No control = a diff asset class entirely for me, like mutual funds. 

Our mentors were saying that if they go behind our back then to just not work with them again and that'll be beneficial for our future, but if it's a really good deal, it would be really discouraging for them to go behind our backs...

How can having investment properties in a trust be beneficial?