I am now considering partnering up with two other individuals(1/3 each) to invest in multi-family homes.

That being said here’s my 2 cents on your individual expenses.  

AND as long as individual power and water meters.  99.9% chance this is all illegal and only one power meter and one water meter which makes it difficult to rent to 3 different tenants. 

If you are going to start partnerships, I recommend going with individual LLCs.

I know my understanding of investing has been greatly expanded through getting to know the individuals mentioned above.

We haven't made any concrete decisions about where we want to establish a team out of state but Memphis, Oklahoma City and Kansas City have stood out as early front runners.We're excited to learn, excited to be here, excited to meet other like-minded individuals, excited to build relationships and most importantly, excited to keep taking action to start reaching our goal of breaking my 'golden handcuffs' and reaching financial freedom!

So it would be a real long time before I would expect to be breaking even but I expect it to happen as beach front is precious, limited, and in high demand. 

If you have construction knowledge, that may be a plus for a value-add deal.Without any capital or experience, it is going to be hard to lock up a property, so my advice is to partner with someone.We do this occasionally with talented individuals who want to add value to the sponsorship.

I think you'll have a hard time buying properties in Phoenix using the rules of thumb most people tout here, especially a straight 50% expense ratio across the board without individualizing it like Wes mentioned

Curious as to how much demand/income you'd be able to reel in going that route here.