Additionally, I'm not certain but I believe that every penny of withdrawal taken out of a (non-Roth) 401k/IRA during retirement is taxed at your ordinary rate, which is likely to be higher than tax preferred treatment of real estate.

We started with a total of $50,000 from 3 partners and a promise of an additional $30,000 from one of the partners.

You have to speak in term of sub-markets and macro areas here.I'd be happy to talk, if you want additional information. 

In addition to choosing one with experience with 203k loans I would vet lenders and look at their local reputation.

You can remain 50/50 and the additional money treated as a loan.

I haven't been down there in about 6 months but last time I was down there it was extremely crowded (and incredibly hot in the summer as there is not much shade).Also, if you want to pay, you can go to rexreport.com and the owner of that company compiles all the foreclosures with additional useful information.And if you want tax foreclosures, go to lgbs.com and that is where you will find those properties.Good luck.

Tenant shall not place any additional locks on the Premises, including, but not limited to, exterior and interior doors.

Should I focus on just securing funds for the down payment and closing costs or should I be concerned about creating some sort of reserves for said rental property (to account for any vacancies and expenses)I assume I need to make sure that in the event I cannot rent out the property we are able to cover the expenses relating to this house in additional to our own personal mortgages but I’m not too worried about this (please let me know if I should be worried)Outside of my mortgage and some credit card debt which will be paid off by the end of this month I do not have any other debt.Are there other factors that I should be considering?

Any interruption of Tenant’s use and enjoyment of such appliances shall not constitute “constructive eviction,” nor form the basis for any defense, set-off or counter claim by Tenant.Tenant agrees to pay as additional rent an amount of no less than $200 per visit or the actual cost of service invoiced by a third party plus $50, whichever is greater, if a tenant-initiated service visit is performed and the request is deemed to be frivolous or without merit.Charges for service/repairs performed where the tenant has been determined to be liable/at-fault for such charges by [Landlord/PM] shall be due and payable in full upon the next rent due date as additional rent.No smoking is permitted on the premises, including outdoors within the property's limits.

Simply build in the additional “double payment” into the overall deal costs and start looking now.Best of luck!