However, this comes with more risk, as you’ll have less initial cash flow and will need to manage potential vacancies or repairs.

Any sober living investors out there willing to let me pick their brain on how to underwrite a potential deal?

No I wouldn’t pay it and I would plan that potentially if I don’t pay it, they leave.

Don't discount that.Real estate remains a valuable investment despite current challenges due to its tangible nature, long-term appreciation, and potential for consistent rental income.

These special taxes could potentially add $150 -$250 to your monthly mortgage payment. 

You'll probably need a co-borrower and someone to gift the down payment.There's a Conventional loan (FNMA family opportunity loan) that allows your parents to purchase a home for you (and potentially roommates) to rent while you're still in college.

The fear of unknown and the bad potentials, but then sh_t happens and ya remember that we got a choice to lay down and be done in by it or roll-up the sleeves and get to work and be a solution maker. 

My question is this: How could we structure an arrangement that would make sense for both my potential partner and myself?

If properties in that area tend to appreciate more slowly, especially if you can't start renovations immediately, you may sit on that investment watching potential profits get eaten away at slowly as inflation passes appreciation. 

These will give you a clear picture of the property's current performance and potential.