I also have one guy from my local REI group that is strongly interested in partnering (he is getting older and wants to reduce his work load but still stay invested) and a couple others that are interested in maybe using their IRAs to do so.

Reducing your monthly living expense is putting money back into your pocket ie. cash-flow.

They claimed that their business was hit hard.The company then said they were going to have trouble paying the rent, please waive the rent or reduce it for a couple of months.Then they stopped paying.  2 months later we got instructions on their chapter 11 filing and we were to immediately assume the role of corporate airbnb style landlord. 

Looking at your timeline, Id get pre approved now since it typically takes 20-30 days to close on a property once your offer is accepted which reduces your search window to 4 months or so.

This takes a little more work, but it's the most fair and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

I rent the basement and the DADU in the back for a combined cf of $3750, reducing my monthly costs (PITI + Utilities) from $5800 to $2100.

This would reduce his taxes and give him a steady income to live off for the rest of his life.Time to pull out your thinking cap and see if there's a win-win for all parties.

Turnover, damage to units, limited rent growth led to reduced returns over the long haul.The people I know with millions,tens of millions, or even more do not want to own a bunch of SFR rentals in low income areas.

So, get ahead of the curve by either pricing realistically, or reduce once or twice by a significant amount to get the traffic.

You'll save far more in taxes and reduce headaches significantly, especially if you are growing fast!