At 6% plus closing costs plus capital gains plus rehab plus carrying costs plus time plus risk.

It would help my growth (and progress toward financial independence) to have his capital to play with but I want to be sure and make a deal that benefits everyone. 

Have you tried "tenant with benefits"?

im eager to make some new friends and gain lots of valuable knowledge for my first investment.

@Raymond Hill my sense is that due to the various costs and regulations involved, as @Brandon Ingegneri mentioned in his examples, it just makes more economic sense for builders to focus on single families than multis.I think it's related to the fact that most single family purchases don't make sense from an investment point of view because as an investor who's looking at income and expense #s to determine what you can offer, you're competing with owner-occupants who have very favorable financing and are buying because of the school district and because they like the kitchen and bathroom, not whether the rents vs. expenses & mortgage is profitable.In other words, because of the favorable financing and "use benefit", the buyers of single families almost always pay more per unit than the buyers of multi families.

This plan allows for lots of room for error, and few gains.

Gaining first-hand experience alongside more seasoned investors/flippers is certainly a great way to learn! 

I’m trying to decide where to hang my license and gain access to the MLS again. 

@Nick Deterding  As a former Marine and lender (who once used my VA benefits) I must caution you.   

You need to calculate it as investment income - expenses (including annual taxes and income taxes on your gains) - increased equity (loan paydown - that is part of your profit, but it isn't part of your cashflow)If you are looking at this on only a monthly basis, you'll miss annual or semi-annual costs or seasonal variations.