The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

The cost is the same for a roof on a house that rents for $800 per month is the same as on that rents for $1800. 

"the typical home warranty costs $450 annually, and only 25% of premiums are paid to homeowners.

With that, you could cover the costs for renovations, closing costs, or even set up escrow for those senior living sponsorships.

Way better returns on the cost seg than you'd ever cash flow from an LTR. 

I own a duplex in Clermont, FL just outside of Orlando and initially wanted to split water meters between the two units, but the cost and amount of work were higher than expected.

Yes we avoid custom work to help keep cost down. 

It doesn’t cost you anything and gives the tenant time to rearrange their entire life around your decision. 

That's not the same as paying cash.According to a different post, your credit card debt costs you $600/month.

We cap the rate for utilities and actually added about 10% above our normal average this past year due to rising utility costs in our area for gas and propane.