I have been doing all of my deals on my own (mainly buy and hold 4plexes in the SF Bay Area) but as I am growing I have a few friends and family interested in investing with me as partners.

@Jaysen Medhurst this is very much a stereotypical "Main Street America" location. 

We want to be real estate investors mainly dealing with rentals, we started the LLC thinking it would make the most sense considering we’re operating out of 2 different states (we paid the fees to operate in both).

What are main things I should look for in a home to make sure I am getting a good deal ?

I would be the managing member but would not be the main investor in terms of financial contribution to the investment.   

Your partner / private mortgage lender also is not the borrower to the main lender, so none of the PATRIOT Act stuff applies. 

Mainly i'm on here to figure out my first step when that time comes.

For specific properties I make a lender offering packet, here is the main page, I also include all the supporting docs at the bottom as well: 

As others said main concerns are knob and tube, windows and plumbing.

I'm finding deals (mainly SF) on the MLS (with lots of offers and lots of rejections) returning over 20% cash on cash (with 20% down conventional loans).