That being said prepare for unexpected expenses. 

If what you have to protect is above a certain threshold where expense to do such is justified, your dang right it makes sense.

It’s on a 30-year mortgage with ~$130k remaining at a 5.25% interest rate. my monthly mortgage + expenses = 1,350/month and I bring in $2,800/month in rental income.

Taxes on property with lake frontage are very expensive

Since you're aiming to purchase a multi-family property in Long Island, especially with the help of a capital partner, it’s crucial to run the numbers carefully (rental income vs expenses) to ensure you’re set up for success. 

THEN ask about investing out of state.This isn't helpful advice for beginners that live in an expensive market and are trying to get started in today's environment.

In other words, if one property requires a major repair, reserves from other properties can help cover the expense, reducing the need for each individual property to have a fully stocked reserve at all times.

The second of two homes I bought when I sold the rental, I would have bought a more expensive one as the one I got was close to the university and tended to attract students which had higher turn over (though it may also be my local market).I'd also look up how to do a 1031 (I think that is what it's called, I'm not in the US) where you defer capital gains taxes on rentals by buying another within a set period of time.

You can open a business bank account, sign contracts, and handle expenses under the company’s name, keeping everything clean and organized.

This fact makes accelerated depreciation seem unattractive as it feels like we are not getting any IMMEDIATE benefit out of his half of the depreciation expense.