Multifamily real estate is extremely appealing to me given my background in engineering and business development along with the opportunity to learn a new space and eventually generate meaningful cash flow. 

In terms of structuring, an issue that has come up is how do we handle the transition from holding one property to holding several, especially if the members of this business have varying levels of capital to contribute at different times. 

That is the very definition of "highest and best use" and will make a lot of folks $$ while also contributing 8 affordable units to the city of Chicago.

You may not even need much money down with a FHA, VA, USDA loan and a seller contribution addendum.

I know wholesalers don’t have the best reputation, but I’m willing to out work that stigma and create meaningful relationships.

UNLESS you develop honest, meaningful relationships with people and prove to them what you are capable of and what your plan is through and through.

Did each of you contribute the same amount to the partnership and therefore are entitled to split the income/ deductions accordingly? 

Or what other factors would contribute to a corporation selling a property that is making them money (or at least should be on paper).

contributing factors; current home loan is roughly 500k. being my first home it feels like a lot and I’m a little nervous to hang on to it.  

Partner with a local investor and find ways to add value without contributing capital (e.g. repairs, collect rent, analyze deals, research new markets, take pictures of properties, etc...)