Considering we have some potential investors interested, we feel that the multi-family route could have the most potential.

And what type of things should I be on the lookout for as potential deal breakers?

The seller's agent has been receiving non-stop calls for this property with offers $20K+ then my own, and have been doing my research on the area --- so I know there is great potential here.

@Shane Hedeen Much appreciated@Tony SanFilippo We won't touch anything with a potential 10k profit.

Your 40k can mean a completely paid off house in one neighborhood that might potentially cash flow 2% per month.

Put these examples in a nice packet to present to a potential money guy. 

Leaving plenty of room for rehabbers like yourself to do what you do and still make a large profit.I would like to add you to my buyers list and potentially work together in the future.

It has great potential but is currently a distressed property, owners divorced and walked out. 

Stereotyping can cause problems and potentially a lawsuit.

Going to a potential mentor with a deal is a lot better than asking them to be your mentor.