On a few numbers I have looked at they seem to lack closing costs, which will significantly eat into the numbers, so make sure you take that into consideration.

This why vetting upfront is so important.On the other hand, a larger contractor may have real assets in the company or even a reputation that they want to protect so they want to find away to avoid getting into legals which waste time and money for them.With respect to contract size, in reality anything under 100K is not worth a full blown lawsuit as the legals will eat you alive even if you win; small claims court may be your best bet if you are OK managing the process or maybe using a paralegal.On the emotional side, I strongly urge you to put that aside.

Even if I get this stabilized at 100% I am 1-2 vacancy out eating up all the cash flow.

Really easy to just play the blame game at this point.You might just have to eat it.

If I am the only Sponsor / General Partner / Manager of the fund (as spelled out in the operating agreement), am I the only one who files a Schedule E at the end of the year - or do all Limited Partners / Members also file one?

Let them walk through with their realtor and go eat some Red Lobster biscuits.

Also, their business would help me be able to eat something other than ramen for a change.I haven't really seen many meetups around here, but I might also be looking in the wrong places.

You might be thinking of a commercial loan. 1st Bank does those and is very investor friendly.Thanks for the tips on great places to eat.

I have a 450 one bedroom apt that I rent and I created an eat-in kitchen by cutting out the top portion of a wall that divided the kitchen from the dining room to the living room and put a bar top on the remaining stem wall.  

The loan is 9.9% for 20 years and even at that length, it is eating up all of the properties cashflow.Yes, I shopped around but the other 2 places I called were not able to send someone out to give me a quote at convenient times.