This is a very profitable way to operate in the context of the Bay Area where there is a severe housing shortage and people have few alternatives.

A friend and I want to learn the skills of buying and rehabbing ourselves.

If your primary goal is equity and you have the time, skills and ability to manage a rehab and have the right people in place to do it, BRRRR could be a good way to go.

Sounds like there is a pretty severe shortage of rentals so you might do better with a good long term tenant in there.

I’m looking for investors interested in the buffalo area that need my time and skills.

Sadly most people in this club are delusional and believe it was their skill that created the appreciation. 

Do keep reading and participating in the forums.You might also find a local, seasoned, successful real estate investor and see if s/he will allow to you to tag along and learn in exchange for offering some skill (accounting, carpentry, landscaping, etc) you can contribute ... or, general labour.

Someone with skill and wisdom, who works with you to pass it on and help you develop into the best version of yourself you can be in this business.

If you find a good deal there will be no shortage of cash buyers knocking at your door especially in this market of low inventory.

Sure, free sucks, however, you're trading your basic skills for (I'm assuming) their experience.