I tried using rentometer and craigslist and i am guessing the rental amount. constructive criticism is much appreciated and your rationale.

The monthly savings typically outweigh the additional insurance cost.

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.

A handyman is a critical player in your RE team .

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?