In addition cash flow is taxed annually.  

There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues.

In addition to what other said, because some landlords don't increase their rents every year.

Further, he can extend his “grace” period a further 30 days by paying us an additional $50k.So far, we’ve collected two $50,000 payments in the last i0 days plus the $36,000, or $136,000.

There is some additional information that wasn't mentioned in your post above which sheds a different light on the situation.  1.

Additionally, take time now to build relationships with reliable vendors and contractors; having a go-to network for maintenance issues will save you time and stress.

I understand credit enhancements and additional guarantors are sometimes required but to be unable to cover escrow funds and to give away deal ownership for that service is kind of crazy but back to the main point, the real issue is when the Co-GP is not truthful about their true role or embellishes their portfolio/ unit count. 

It has 3 units, an additional dwelling unit in the garden level, and 2 garage parking spaces (which I've come to realize are quite valuable where the property is). 

Additionally, you may wish to speak with a CPA as to whether or not becoming an S Corp is the right decision – they can assist with reducing self-employment taxes.

Any additional advice is helpful.