I like it on the surface!  

You can do this yourself if you have some patience and time and the existing surface is clean and sound.

Plus, I would have skin in the game which could help build credibility.

The private lender told me that they want 20% down to show that we have skin in the game.

You can’t plan to borrow the 20% down, (this would increase your DTI and reduce your skin in the game) so get your partners on board with sharing their bank statements as well.

The cash flow looks good on the surface but maintenance fees will be much higher, cap ex will be higher (many will need upgraded electrical, windows, siding, plumbing, foundation, etc) and the ARV of most of them will not be much more than what you paid because older conversions do not appreciate like conventional multifamily or single family in my experience. 

The numbers you provided don't even scratch the surface of what investors use to make smart choices for buying and selling.

Simply made it another bedroom, gutted kitchen, bathrooms, replumbed (poly-bute pipes suck), refinished pool surface, LVP on all flooring and repainted.

As mentioned, leverage his money which would have both of you with "skin in the game" as they say. 

Everyone else on your team will be transaction-based and not really involved after a purchase.We're in the Metro Detroit area, so you may want to follow our blog here on BP, but at least read the following posts:How to “Screen a PMC Better than a Tenant”: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesIn our experience you will need to:1) Learn to "Maintain to the Neighborhood", not your personal standards2) Tenant-Proof everything you can Hard surface flooring, not carpeting (too easy to trash) Same basic paint for everything No garbage disposals for them to break Only spring-type doorstops also with plate on the wall Glue rubber mats under sinks to prevent water damage Sheet aluminum on walls around stovetops, for easy grease removal Towel racks - screw 1x3 to wall studs, then screw rack to that Install low-profile downspout ext, not aluminum that always disappear Plan on cleaning gutters and leaves up in the fall as tenants won't Avoid garage door openers3) Have a great application screening process: Check credit for evictions & convictions, utility collections Focus on employment/income stability Require bank or debit card statement - you'll be surprised what they spend their money on!