However, you seem to be the resident lender and moderator here on BP, so your comment is not unexpected.  

Up to 80% ltv depending on the market, 30 year am, potentially an I/o component again depending on the deal.

But I now plan to start here for sure and will be prepared to study up on each and every market component you mentioned. 

A good operating agreement will discuss what happens if you both need to contribute more money to the business (what if in 3 years you need a new roof for your investment property, but the LLC does not have enough money in it to cover it); what happens if only one of your is able to contribute money to the LLC for an unexpected situation; what happens if you have a serious disagreement about the direction of your investment (what if one of you wants to sell the rental but the other wants keep it); what happens if one of your expectedly passes and the other is now partnered with the spouse or kids of your friend; etc.I know you would rather save the money (who wouldn't), but it is a deductible business expense and may save you a lot of headaches later.

I find that most folks who put an action plan together, neglect to dig deep enough to discover and articulate their why which is probably the most important component of all this planning. 

This is a key component of being a seasoned developer, and many times missed by less seasoned folks.~ Scott

But it would seem appropriate that a gross sale of $1 mil with the components of $700K actual sale and $300K gift, would still require a reinvestment of $1 mil since the gift is made of value to avoid taxation to the recipient so the gain should stay with the donor.

Hi all,I'm working through a situation in which my tenants unexpectedly moved out while they still owe 1.5 months rent ($2625).

Next time it will be job loss, or unexpected car break down, or job loss, or on and on and on.The REAL question is are you going to manage your business in a professional manner by following and enforcing the terms of your lease or are you going to fall for every sob story a tenant gives you as an excuse for violating the terms of their lease?  

Just out of curiosity what were some of your lessons learned as far as unexpected setbacks ultimately delaying you from listing the property for 5 months?