Jim you should write a book about your adventures in landlording, I would absolutely read that.

But after reading articles like this https://bang.ro/online-gambling-in-the-usa-is-it-legal/, I realized that the guy didn’t do anything so bad (except getting himself into terrible debts).Back to my question.

If you don't have that then sell your property and chalk it up to another bad adventure.  

No agreement covers what the managing partner can do - go gamble at craps your odds are better at making a return than in a real estate partnership.

Not worth saving a few bucks on a gamble. 

We don't have a designated place inside so its always and adventure to find where we are sitting :) 

Maybe we can exchange ideas, or just chat about our adventures while building a business in the travel industry.

If that is too big of a lose to gamble, I would walk away.  

However it could be worth 170k-180 if everything was fixed and I think I could get it going as a functional rental property for the purchase price plus another 20k and some blood sweat and tears and maybe could get it reappraised in a year and do a heloc, but I could end up being 160k in when you factor in lost rent and is 10-20k inequity worth the gamble? 

Buying without title insurance is gambling.