Partnerships are garbage, they never work out in the long run, as people’s priorities change.

The numbers appear to work out so it may well be worth pursuing this deal despite the roadblocks 

I call them "get up to speed" costs.Break-even purchase price vs loan costs including PM, vac, and cap rate work out (for me) @ $240K with 25% down, @ $225k with 20% down, @ $210k with 15% down.If I consider $5k for get up to speed costs (and that the roof is good), that still means I break even in 2 years +/-. 

Of course, a duplex could work out better for a house hacking approach.

If it is non performing depending on the workout it can be $40-$95/per month.

It will be awesome for you if the numbers work out.  

@Don Carey My clients and I usually wish the Sellers well and tell them that, if they ever change their mind and want to take our offer, to give me a call and if we haven't already bought something else, we might be able to work out a deal. 2/3 of the time you never hear back from them, but sometimes you do.You know what you're willing to pay based upon your business model and stick to it.You as the Buyer have the right to offer what you are willing to pay.As the Seller, they have the same right to ask for what they want.Sometimes the parties come to agreement and sometimes they don't.You're not doing anything wrong.

Some people also work out a deal with the attorney or CPA they use to act as a registered agent.

The downside to trying is limited to the cost of furnishing the property, and even then, you may be able to rent it out furnished on a long-term basis if the ST stragtegy doesn't work out, or sell the furniture for that matter.We started STRing back in January 2018 and are documenting our learnings (which are growing :) ) at our blog here (http://www.trihomestoday.com/blog/) if you're interested.Good luck and feel free to reach out with any other questions!

I think they can work, and I have different partners on a number of deals, but you should definitely know who you're dealing with and be super explicit about who's responsible for what, especially what happens if things don't work out as planned.For example, what if a tenant really trashes a unit/property and it takes several months to re-do and re-rent, making you cash flow negative for the year.