Another concern is the insurance cost for sinkholes, flooding and hurricanes, I've never had to deal with most of those items here in California, ever been a deal breaker for you?

We may have just hit a deal breaker of a great negotiating tool..i'm not sure which.

This is our first time working with low income renters and my partners are unsure what kind of histories are ‘tolerable’ and which are deal breakers.

He recommended that I break up the lights to the other 4 circuits. 

Since it;s just 2 of you, it's hard to have a tie breaker, but you can agree to have a 3 party tie breaker OR do as Venture Capitalists do, ALL partners have to agree to fund a deal or else it's not going to happen.Good luck ;-)

He is studying that already as well and is building circuits. 

Its easy to say if you just pick the right stock, but theres alot of circuit city, enron and AIGs out there that people lost their life savings on. 

Not that that's a deal breaker, just a fyi.

No grounding, very few outlets, lots of amateurish wiring in the basement, exposed wires, breaker panels are old, etc.

You're buying an asset that is going to need some TLC...so get some help with the items that are deal breakers for you and don't worry about the nickel and dime items.