Appreciation will be based on market demand which as we've seen in the last 10 years has gone up and down, however cash flow is a bit more stable and if you're leveraging more critical.We focus mostly on single family homes in class B neighborhoods so I would say you're on the right track.

Leverage whatever skills you have to open a few doors, take some electives to help you avoid basic pitfalls of start-ups (yes, start-up principals can be applied to real estate investors), and network as much as you possibly can.  

I've spent a lot of time in Phoenix in my previous role selling technology to some of the largest tech companies there including GoDaddy.

This is the I believe what John was trying to convey to you and you probably have not thought through the what if's for the seller.From What Wayne Brooks has mentioned a Sub too default in Florida can be a feloney and I think all states should have that law.. there is far to many newbie rookies etc that get into this and totally foul up the poor seller.. this is not only about you the investor trying to leverage into a deal its about a seller being able to sleep at night knowing who they deeded their home too has the credit capacity and character to follow through...

This way you can leverage the same team that is managing and maintaing those properties and to them you become a bigger customer and get higher priority.

Get out of Analysis Paralysis and DO SOMETHING.Go 40 - 50% leverage on 2 properties with the $100k. 

Long story short, how can I create a mutually beneficial partnership with friends who have cash ready to invest?I'm willing to provide the brains, time, labor, etc. of searching for an investment property and managing...

My husband and I had differences on opinion about the idea of paying off or leveraging.

Well it is an indication of a bad investment via over leveraging or in your case a poor return on equity.

Our leverage potential is limited by lender conditions to foreigners which tends to mean a much lower LTV (ca. 40% down) and difficulties in refinancing making BRRRR returns a little skinny.Regards, Harry