Being part of a partnership with someone local would help with being a long distance investor.Disclaimer: I am not a realtor.

These deals are utilizing either the SEC general exemption for private offerings, a state securities intra state exemption, or a joint venture/equal partnership purchase.  

@Robert T.I'm in CA which It's also a community for every state and we can have a wife and husband be members of an LLC and not have to file a partnership tax return.

I have a partnership in a multifamily LLC (2 apartments - 50 units & 20 units) and now we are about to sell the property.

if you move forward part of your partnership agreement should include who will hold the liability. 

Probably these days, but maybe always, cash flow can be a function of how much money you can put in the deal. 

Many landlords sell because they are tired of being landlords, have made their wealth and are looking to transition it into more passive investments, e.g. annuities or stocks, partnerships gone wrong etc.

Even if you don’t make hardly anything from the first deal, the value you’ll gain from this partnership is worth a lot more than you’ll recognize.

If taking over a property "subject to" what would be the Cons to simply having the homeowner transfer the property to an LLC which outlines the ownership percentages negotiated and having the homeowner be a partner in...

In addition to private money, you could consider partnerships where you bring the deal and a partner brings the money.