We've done a few drive-by's in desired areas but beyond that, most online listings seem to be a bit overpriced for our evaluations. 

I would essentially have the same mortgage amount as it is today, I get my desired cash (without financing), allows partner to finance versus coming up with $225K cash, and in return give up 50% of the house.Is this a make believe scenario with legal and lender issues, or is it viable?

I presented 3 options;1) 300K @ 5.7% /30 Years with 10 year ballon if desired by him. $1556 month.2) 320K @ 5% /30 years ...........same...............3) 350K @ 4.15% /30 years ........... same.............It comes down to what his cap ex tax rate is vs in ordinary income tax rate.

This is certainly an option if we can find a house in our desired area.

Maybe even advertise the property, if She desires. 

Found this off market deal through my property manager; Desirable Management in Hampton, VA.

I’m your typical broke student but I feel a desire to enter the world of real-estate investing and I have partnered up with a couple of co-workers who have formed their own LLC and we’re starting to get the ball rolling on some deals. 

I think you should try to find a way to make money with less desirable properties. 

Newer investor:I own a renovated home in East Nashville on a very desirable corner lot. 

Hey Bryan,When anyone is starting out in investment real estate, the most important thing to start with is what your desired strategy will be.