There are other forms of winterizing like insulating plumbing, sealing door/windows with rubber gaskets, installing storm windows/doors, setting up heat lamps or other supplemental forms of heat in basements, etc.

We BRRRR 8-10 per year and the flips supplement the money left in the BRRRRs.

This K-1 information is then used to report your share of the partnership's income or loss on your personal tax return (Form 1040) using Schedule E (Supplemental Income and Loss).

The whole appeal in REI was to maybe create a small business on the side with my spouse as a way to: eventually secure supplemental income, start building equity in RE and maybe creating a small business together in RE that would help us obtain financial freedom after hearing how risky things can be, I’m trying to learn: what are other RE investors doing to make money despite the risks around home repairs, vacancy, additional expenses (i.e property managers), etc.

If the property is in a high-demand metropolitan city, you could maybe get it sold at 80% ARV - repairs, but I wouldn't aim for the best-case scenario.Good luck! 

If you aim to stay in the house, negotiating a cash-out buyout with your co-owner could be a viable route.

I was aiming at >10% and was seeing less than that. 

I aim to provide that same level of service to buyers who I work with now.

I aiming to sell myself my first multi-unit property. 

I'll probably be here for another year or two, but I'll keep the property when I do find my next step, and aim for Mid Term rental, to get the higher income.