I liked the tenant, school is starting back etc, I told them they could pay first month and security deposit and I would let them have the rest of August for free.

How many bedrooms does the property have and in what zip code is it located?

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

While the co-signers add some security, the family’s newness to the U.S. and uncertain job situation make them a higher risk overall. 

All are perfectly functional now, but could pull higher rent with replacing the flooring, and updating the kitchen.My current financing setup for this deal would be $235,000 from the HELOC I already have secured.

Whether To file a 1065 partnership return or being treat it as a disregarded entity, Is the determination based on the location of the property or the owners' residence state?

This is a fully stabilized property, with upside in rent in a B+ location. 

Where are you located in New Jersey? 

If you want some very broad strokes that are asset class specific, but not location specific.Highest risk and return to lowest risk and return, offices is at the top.

Security systems are easily outsmarted, that’s the point of the initial visit, to case the joint.