We’d both purchase through our LLC 50% each.Thinking use a joint account between us to collect rents and hold funds for repairs and cap ex funds etcAny thoughts on how to structure?

However, when I'm reviewing larger properties financials many of them do not include PM or future Cap Ex savings/expenses (saving money back for a rainy day or new roof, or boiler etc...).

LOLShe came back into town to visit family and apparently drove by her ex-boyfriend's house.

Don't forget about other costs like Cap Ex and repairs and maintenance.

I am talking about spendable cash and limiting exposure to tenants and cap ex. 

However, without going into details, I would recommend breaking down the expenses to make sure you have allocated all the expense needed such as management fees (even if you do the management yourself), cap ex, vacancy factors, etc... 

This calculation obviously does not take into consideration taxes, cap ex, management fees, etc... but you get a pretty good picture very quickly.Once you see the gross numbers, you can start putting together a plan. 

Did you include Vacancy, Cap-ex, and Property Management as part of your expenses?

What is working now: ex. 90 day lates, NOD, eviction notices, etc?

Plumbing and electrical are upgraded to modern standards if need be and their should be no deferred maintenance or big CAP Ex expenses for quite some time.