Yes if they are a component of the total costs capitalized specifically attributable to the acquisition of the property.

This would expose you to liability or possibly having to unexpectedly buy him out to pay off his judgment creditor.

If the breaker has been replaced and the area around the main panel doesn't reek of burning plastic (electrical components melting  smell about as distinctive as burning hair) there is no safety issue. 

Reserves of 4 to 6 months depending on the size of holding is something that would be a good idea,, you never know when a eviction, turn cost, or unexpected repair is going to be a cost issue.. and new landlords aren't usually prepared for them.

Here are some additional benefits it has over SD IRA:Great tax-shelter: contribution limits nearly 10 times higher than an IRA (up to $60K/yr)Exempt from UBIT on leveraged real estateGreater protection from creditors Ability to invest tax-free using Roth (post-tax) component Lower cost since there are no custodian, asset-based or transaction feesand more!!

It's a necessary component for the document to be enforceable.

Couple of ways to improve the accuracy of your numbers:Consider adding vacancy as a % (typically 5-10%) because it's impossible to keep all unit 100% rentedNeed to add CapEx for your future big costs (roof, HVAC, etc)Considering adding a reserve for any other unexpected expenses.Keep up the good work!

I see that they have an interactive search component to their site but that could take quite a bit of time and effort to pull data for all of the properties.

Maybe JV, I also have some flooded properties in Cinco Ranch I am working on obtaining and with my knowledge on all the components of the home I can easily find out what needs to be done by just walking through.

Make sure you have enough of a reserve to account for unexpected expenses such as vacancy and major repairs.