Yes, you should purchase a property for its current market value based on the property's current performance not the intrinsic value, in my opinion.

Does it largely depend on how well my current properties are performing?

No real construction ability.Partner two is cash poor, fantastic W2 and has contracting ability to perform flip with desire to buy and hold.Am I all messed up here or could it work out like this:Partner one finances down payment and both get leverage. 

I use excel and consolidate all income and expenses for each property (I add my mortgage payments and other landlord expenses) and make sure that my cash accounts reconcile for all my holdings (if there is a problem I call the manager and we try and figure things out).I use this excel for two things:Tracking my properties performance - mainly cash flow, cash balance, NOI and just to make sure the PM is on top of everything.I use this to input the data into QuickBooks (I do this manually).My CPA is very expensive for Bookkeeping purposes.

I don't rent to applicants if I cannot perform this check, period.

Performing mortgage funds wound be interesting, but I am limited with amount of capital for initial investment. 

The partnership is currently offering 3% with a contingency fee based on performance.

After the signing has been completed, the Closing agent will forward payment to any prior lender, and pay all parties who performed services in connection with your closing (if they have not been paid).

Thank you all for the great feedback.I was pursuing the option of performing a quit claim deed and transferring over to an LLC. 

Their employees perform a variety of functions, including water quality and law enforcement, fire suppression, harvest regulation, and even timber industry promotion.