This led to a nearly $3,000-$4,000 bill for new installations until I clarified the situation and found that the unit already had hookups.

Are you actively looking at specific properties there, or just exploring the market for now?

With the situation you're going through, your first thought was likely "I'll raise the rents to cover this." 

This is a complicated situation with multiple layers to consider, so here’s my take based on your questions:If you’re looking to move assets from the partnership into individual LP (Limited Partner) names while avoiding capital gains, you’ll need a strategy that complies with tax regulations.

Do you have a specific market you are interested in? 

I never go off of a flat percentage on anything, I analyze the costs to get to a specific return I target and analyze the risk that is involved. 70% may be an initial metric to see if it is even worth pursuing, but every deal should be evaluated independently based on costs, time and risk involved.

I am always fully transparent and the owner in that situation is a long standing business associate that knows my character, experiences and background, strengths and weaknesses included.

.: As a new investor starting to look at wholesalers, what would be pertinent questions to ask about a specific deal? 

Only a few can persist in the long term and adapt to this uncontrollable situation.

Some lenders work with 220+ lenders and can really understand which lenders are best for you based on your situation.