I'm ready to get my first deal and don't want to wait any longer for the perfect deal to come up (could take another 6 months).

Should wait to purchase given the current state of the market (insane appreciation; incomes not keeping up with it), as well as the fact that cash flow would be negative if I had to rent it out for some reason (i.e. if economy went down and I had to move to another state for a job)?

If you want to cash out you have to wait 6 month under conventional loan. 

I know it may have sounded stupid but we were told my a real estate agent that property #1 is in a great location so if we can rent it out and wait for appreciation, that would be great. 

I purchased a flood policy today (there is a 30 day waiting period after applying for a policy) so my insurance will take effect April 1.  

So it would probably be in your best interest to wait until the lease ends and let the renters know that you will not be renewing their lease so that it can get fully cleaned and ready for showings so that you can get the highest offers.

If you have an old lease authorizing attorney fees, and your tenant hooks up with the right contingency attorney, you could be out thousands if you act too fast.Last comment. 

2) As far as getting downpayment funds to the partner getting the loan, is there any solution beyond waiting two statement periods (two months?)

You've probably overlooked tens of thousands in tax benefits by not doing this.

Wait until inspections are done?