That means you're paying $42k in cash and financing $108k, which will bring down your COC return and mean your tenants are paying off less of your investment, which is one of the primary benefits of leverage.Generally speaking, I would say this may be a red flag, but that depends a lot on how the provider handles it.

cheaper than bringing in a partner.

Like @Shawn Kostoff mentioned you do have a bigger buyer pool with 3 than 2, but that also brings more wear and tear. 

It will bring about 1500 jobs, which is good for the area of course.

It takes some extra knowledge, planning, and timing, all of which I was able to bring to the table and get him in the unit on time. 

It's visibly wet but we don't see leak in ceiling.Seller has offered to bring back his inspector and maybe a plumber to find out the problem. 

Now if you are working with 15 agents and the one who brings you the property is the one who gets the deal (and more importantly gets the fixed up listing at the end), then sure...

Looking for a partner to bring in up to $200k.

This brings me roughly around $2800 or depreciation a year.

I would also suggest requesting coverage on a Replacement Cost basis and include Rental Income coverage based on the amount of rent you are bringing in.