Look into seller financing or subject to properties in the area that you want to purchase. 

Additionally, there’s always a risk that any pet-related damages could be hidden under furniture or otherwise concealed, potentially leaving us to cover the costs if the security deposit is fully depleted by other expenses (e.g., damages or unpaid rent).

One of the things we do and recommend to our clients is to purchase a home owners warranty to cover all of the mechanical, electrical and plumbing compenents.

I also want to clarify that I do still keep a decent amount of cash - just not enough to cover every single property roof at the same time if that ever happened for some reason. 

Home warranties can sometimes cover rental properties, but it really depends on the specific terms of the warranty and the provider.

If you're subject to the Alternative Minimum Tax (AMT), these deductions may be limited.

I own several hundred rental units in other states, otherwise I'd join you in helping cover the costs.

Any recommendations for Umbrella insurance providers for each partner to cover any liability?

I THINK you could probably just expense your deductible if insurance didn’t cover 100%.

Many lenders allow for low-down-payment options if the rental income covers the loan.You’re approaching this deal thoughtfully, but be sure to communicate the benefits of your offers clearly to overcome resistance from the seller's representative.