Partnerships with one partner bringing capital to the table and the other managing the property and providing income stability/credit are possible.

If you try to maintain a cash approach, every six years (technically longer if you figure the amortization table) you will buy a property and have it paid off. 

I think it would be worthwhile so you have at least foundational understanding of the alternative decision people are making by leaving massive amounts of equity on the table in exchange for the convenience, control and speed of an off market transaction.

I think if you can get financing to buy while holding the property you want to sell, a seller may actually view that as less risky on their side of the table. 

Getting licensed is absolutely on the table.

While real estate can sometimes escape that reality (for example, some rental properties can be sold to owner occupants - who don't care about costs in the same way investors do - instead of other business people - and in 2021 that is far more true than in any time that I can recall), if you pay full retail, you're in bad shape facing an uphill battle before you even get up from the closing table. 

In a nutshell, I’m able to structure the asset so the deal pays for itself.I’m seeking a partner to purchase 186 units (85 buildings) all within 2 miles in PA from a retired landlord for $9.3M The partner will not be required to bring any money to the closing table.

Multi-family is also not off the table. 

For the exact scenario you described, you would technically have broken your promise made at the closing table before the notary who took your fingerprints, according to my non-lawyer unqualified opinion. 

If cash is off the table which is sounds like it is, then making yourself look like a true business is important.