Keep in mind if approved, you will only be able to turn on once for a max 72 hours so coordinate the appraiser if applicableYou bare all the costs of turn on and turn off costs with the utility companies. 

Then I'd turn it over to a collections agency. 

I thought about putting W/D in my units but turns out that most (stable) people actually have their own.

However, if for example, the company did not install or disconnect the washer and dryer correctly (such as leaving a valve on) while water is turned off prematurely, causing damage, what language do you put in the Lease to also hold other parties accountable such as ALE and appliance install company?   

You can sell on financial method because there is such short demand there is all but no comp's to use for comp method, and if selling as turn-key, yup, financial method will be your friend for sure. 

But the $1m value increase has produced a good return (and why my equity position is so high).Recognize when you increase your down, you are purchasing the cash flow at a rate qual to the interest rate.  

I was just trying to explore the option of doing it as a joint venture, if me and my friend buy this first rental property and it runs smooth it could always turn into more, bigger properties. 

You then turn into a Fireworks warehouse and sales location. 

I have flipped about 8 homes, we had a plumbing issue on the last home that finally got resolved....but could have turned south if it was not.

I was a landlord many years ago after I bought my first home, but that turned into a disaster when I moved away and had a horrible property manager for 10 years.