Simon,

It seems you get yourself prepared a bit. But, how about to find a target to do a real test? It is easy to say in general terms, in the end, the numbers have to be more specific.

Say, if you find a house next door for sale, you can meet your bank or a borker to discuss how much you can borrow, taking into the account of all the factors, such as: your saving, the price and value of the house as security, the potential income it can generate, the costs to buy and maintain it. All the things will jump out, you can learn the tricks in the process.

As to how to pick a target, there are so many theories you may already know. Again, you have to do it to taste it.

JV? If it is possible, please don't do it. Many good mates turn to emeny by doing something together, often over little issues. You both may put the initial savings together, but later, you may not come up with the share of $50 to repair the tap. On and on, things can get messy.

Happy Investing!