Repairs are for clogged toilets, appliance repair, or drippy faucets.

There was a small water leak under a toilet in a rental property I own.

However, you'll still have issues with seals on toilets, drains, dishwasher, etc.

For that matter, why would the investor want to put in so much to give you 50% equity when you are doing just what a property manager would do for 10% and change.The terms of the loan aren't awful--not sure if there is a balloon--but unless your credit (or investors credit) is in the toilet you can do better on a simple commercial loan, and you are almost certain to have a lesser down payment.

The house is in good repair (this is my first rental property) and I take care of issues promptly like the washer that broke, I bought a new one, I changed the toilet when it stopped working, I paid a roofer to put a new roof on, I paid a mason to repair the front entrance stairs.

Hopefully this pans out to what I expect

Both for toilet supply lines bursting.

Often they are checking for unapproved pets along with leaking sinks, running toilets (especially if the complex is paying for water).   

Learn how to buy notes and forget the dirt and toilets!

They will want the numbers to pan out though.