I will echo what some of the others have said with getting a firm grip on capex and the market trends.Here are some other things I would like to know before making a call on it:What type of area is this A, B C or worse? 

Start generating leads, then hand a stack of them to your prospective partner.

My experience is that prospective tenants believe 'it is what it is' and cannot see what it will be once the rehab is over.  

Can anyone recommend a good de-leading firm and/or contractor for a two family investment property in Framingham, MA? 

I'm a police officer and firm believer of law abiding citizens being able to carry guns (as most police officers believe).  

Desiree - I am a firm believer in passive income - your time is more valuable that cash, because your time is finite.  

I wish there was a decent software package for landlords dealing with property management firms. 

There's nothing like total immersion to become Baptized as a landlord IF you're willing to tackle the tasks at hand.Here's what you'll need to do in short order:Crash course on landlord/tenant laws in your stateSet up (separate) systems for marketing for target tenants, screening/vetting prospects, easy rent collection, bookkeeping, contractor/handyman management, etc.The three best educational resources I can offer:Fixer Jay Decima, of 'Tenants & Toilets' fame (lower-end), Mike Cantu for mid-range tenant management, and David Tilney for the higher end of the market.

I've just been hired to the marketing team for a private money lending firm.

We self manage allow us to keep firm control, lower vacancies.