Let it sit on their credit and prevent them from cheating another landlord.

This is to prevent moister build up that can cause rot.

Furthermore there will be a "non compete" clause to prevent the apartment from adding additional in unit connections.

Also have them put in the thick tubes to prevent flats. 

Bonus depreciation and Section 179 allowances for improvements can be utilized, with the latter, however, capped at zero to prevent negative losses.

I would add that I would also consider obtaining RE outside of my IRA...this would provide the tax benefits, but prevent from utilizing IRA assets to acquire, correct?

That said, I felt that the organization of the information could be better that in and of itself did not prevent me from being able to understand the information.

The white areas on the wall are where pictures were hung and the wall surfaces underneath the pictures were protected against nicotine stains.  

Looking at maybe just doing a basic white plastic tub with a plastic surround.Flooring – I need to get about 300 to 400 square-foot of tile installed.Basic handyman and drywall work – it looks like there are a couple of areas where water pooled outside of the house, and a little bit seeped in, so some drywall needs to be replaced, and probably add some type of sealant to prevent the leaking in the future.I have already been looking through many of the forums and have found a lot of great information.

You may consider putting some sort of put/call options into the partnership agreement to prevent any issues from arising should you differ on strategy down the road.