Small players don't have the resources to get into deals that expensive, and large institutional players won't be interested in deals that cheap. 

It sounds like you're a newbie...the challenge might be getting players to attend.

I recently engage with a conversation with a fellow investor and we discussed the merits of putting down a larger down payment with the property doesn’t cash flow.

Here my immediate recommendations to get you started:1) Keep networking and engaging with investors on Bigger Pockets.

Sure, you could go with a sponsor that hops around the country with their deals, but they're likely seeing the deal second or third in line (still off-market, but after the more active players in that market).

Good place to meet other investors and team players (prop managers, realtors, etc). 

Which finally encouraged me to make the jump and engage on the forums. 

We have found a good partner for this deal, however, we are wanting to invest more locally (Washington State) so we can be part of the process more and be engaged in a more desirable market.We are most interested in partnering with flippers or those that remodel/renovate single family property or duplex/triplex/quads, however, I am not opposed to branching out.

I am here to try to grow my network: get in touch with local investors and players in the market to connect and possibly do business with. 

The MUCH better option would be to find that good woman (or man) and make a pact to “live like college kids” at least as far as expenses go... you don’t REALLY need that new car, that big shiny engagement ring, the 5-figure wedding, the huge house, etc.