General knowledge from visiting.

Any money over the mortgage/note balance is mine.Does anyone has done this kind of business before?

What kind of financing are use using for the acquisition? 

I just have an aquaintenance that has a nice system down with air bnb, but I've come to learn it's kind of a unique situation.

Unless you are doing any kind of special you might ought to borrow money from someone who lends you enough for the purchase and the repairs/rehab expense. 

Any advice on how I should go about starting this partnership and maybe some advice on what kind of contracts we should have between each other when forming this.  

You have the same $7k/mo you started with for your home purchase.Reserves should be a non-issue assuming you have retirement accounts with that kind of income. 6 months reserves is only $20k, a pittance.

Thank you for your kind words Joanna, I’m excited to be part of this amazing group.

My main reason for considering commercial is because 1) the duplex and triplex and even 4plex market in my area is very competitive and it drives purchasing prices too high. 2) I guess I’m kind of a pretty ambitious guy and my wife has followed my lead and trusted my guidance and I want to help our growing family (2 kids and 1 on the way) meet our financial goals as fast as I can!

I would visit with a realtor and a mortgage broker.