Depending on what you are targeting you may even be able to work with a bank to have funding up to a specific limit available.Next you need to start networking with agents and other real estate investors in the area you want to invest in.

Cons to this approach would be dealing with tenants (if we self-manage) and having to put down a larger down payment.Anyways, I'm excited to hear some feedback and see what everybody thinks!

Its not the subdivision we reviewed in class, let me see if I can find it, as its larger and its in the 7-8 month DOM range. 

They say you NET WORTH will only be as big as your NETWORK.

I would suggest you to attend some local BP meetups and network and meet other fellow investors with all levels of experience.

The surrounding apartments had major improvements that maximized the space (larger windows, removing hallways and changing entrance, decks, cameras etc)  and created a very nice space.

Building my network and scouting properties is my first course of action, and what better place to do that than Bigger Pockets? 

If the money in that account isn't large enough to cover the cost and the second person can pay a larger share, then pay for the repair and first person's future profits are used to pay back the extra with interest as if it was a short term bank loan.

The building would consist of a larger group setting, television, lounge style seating, pool table, darts, etc.

I'd do a little of both...finance with larger down payments.