.- Is what’s publicly advertised (for example, interest rates are at 6%), the best available terms a borrower can get?

Also things here are more or less steady and predictable, no crazy boom and bust cycle like Phoenix for example. 

There are no real different pros or cons in what you describe than there are in running a typical short-term rental -- setting up systems, getting necessary permits, etc. 

Account Closed typically you would do a cash out refinance. 

I understand most investors don’t partner with a GC and typically hire someone to do that.

I understand what you mean generally, but perhaps you could give a specific example?

Paying out of pocket for your first ever deal typically doesn't work out well in someone's favor.

Over the past year or so, I have seen a couple of smaller commercial buildings come on the market that seem to be at tempting price points - 415 N Michigan (listed for $199,000) is a current example.   

We typically trust our friend since they have over 500 properties and have sold us several and they did not know it was in the flood plains. the original owner tore it down to the studs on the inside and when he filed for a permit, the city mentioned that he probably knew that it required fema requirements of being raised about 30 inches.

I beleive partnerships are best for short term projects (flips for example) and raising money is better for long term buy and hold (you still hold all the decision making power).