Before taking any action, make sure to request all pertinent info on your existing tenants.

If you do end up splitting profits and equity 50/50 then make sure you account for your management.

Got a mortgage for 80% of purchase price How did you add value to the deal?

I am having trouble finding distressed properties with enough "meat on the bones" to make enough money on the deal.  

Right now, if I see a house I like, I'll take down the address and search it on my town's portal to obtain the owner name and address.

Just not seeing anything that makes us want to put in an offer.

@Rick Albert is right on and gives good advice.I'm actually wholesaling a property this week, but this just happens because I am in the game doing flips, developments, and rentals. i would never try to make a business out of it. 

Or would you not try to do this deal at all and wait to build up the cash position to fund the down payment, which could take 2-3 years?

Looks to be pretty solid according to AirDNA.

You'll want to get at least 85% of the purchase price + 100% of the rehab costs, and this is very doable with good credit, regardless of your experience.