lastly there are plenty of locks you can put on these switches or covers which you should invest in. 

The property may not have any vacancies, but if it does, just make sure you have enough reserves to cover that. 

Ensure the rents and expenses support the debt service and provide solid cash flow after covering the assumable loan, seller carry payments, and operating costs.Occupancy & Rent Roll: What’s the current occupancy rate?

In this market i would only go that route if you have the resources to cover their initial investment so there would be no loss of capital if things go bad.One of the syndications that i am an LP buys MF, rehabs the existing units, converts tbe garages into max number of studios, brings all units to top of market rent, and exits with max NOI.  

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

., funding, management, deal sourcing) based on strengths.Bylaws to Include: Cover profit/loss splits, decision-making processes, buyout clauses, and what happens if the partnership ends.

Quote from @Lionel Quiambao:  ... and maybe throw in the option for the tenant for more speed at an increased rent to cover the additional payment. 

Also, the quarters didn't cover the expenses, is my recollection. 

My savings was completely drained from interest payments and surprise costs I had to manage, and lots of little costs that at the outset I believed this guy would cover (100 to mow grass, every two weeks).

While Section 8 appears to promise "guaranteed" income, the reality is quite different.Section 8 typically covers about 80% of the rent with tenants responsible for the remaining 20%.