Your numbers do not work and are based too much on assumptions.

There are way too many assumptions made in your numbers.

6%)That being said probably should NOT do that, assumptions can get me in trouble.The reason its such a high reno $ is bc i spoke to a neighbor who said, I quote, "its a complete tear down!"

From reading the text on the website I was under the assumption that I could appraise and get rid of my PMI based on the market value of my home and I was told by my servicer otherwise - that for a triplex I would need 65% LTV.

If the method of payment for this transaction is cash, assumption or conditional sales contract, the closing fee shall be paid by ___ BUYER ___ SELLER ___ shared equally."

., and Future Assumptions.

While I am not opposed to that, I am confident there are plenty of great deals in our state - we just haven't found them.Second, I want to ensure my financial analyses are as accurate as possible for each property, mainly my assumptions around estimating expenses.

She purchased property 5 years ago for $155,000, so she probably owes about $140,000 (making some assumptions on loan term and interest rate).  

A standard partnership agreement should work fine especially because (my assumption here) that you won't have the 50+ investors typical in larger syndication deals. 

You need to try and guess the age or get the age and make conservative assumptions as to their replacement, or assume you need replacements right away and account for it in the purchase.I'm two months into my purchase and both my maintenance and CAPEX budgets have 10% remaining for the rest of the year.