Each agency has slightly different criteria and limits but the process for setting rents is roughly the same and has 2 components. 1) The tenant voucher is based on the tenant’s specific finances and number of people within the family unit.  

I would suggest you up your rate from 8% to 10% to help off-set some of that cost. 10% is doable all day long here in Texas.

Contents (Personal Property): most homeowners policies give a set % of the Buildinglimit for Contents.

A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

The "Set it and forget it" mentality, I think, will limit your listing big time.I do all of the pricing across multiple listings. 

GLA is 1974sq ft, 3 bed 2 bath , blt in 1974, 0.33 acre lot, 85749 zip code just outside of Tucson, AZ city limits.  

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

In addition to your down payment, plan for closing costs (around 2-5% of the purchase price) and set aside at least 3-6 months of expenses for repairs, maintenance, and vacancies.

It is a fairly signinificant set up fee and monthly charge. 

Very Simple @Jaren Taylor.You need an SEC attorney that specializes in Syndicates  and more than likely a transaction attorney to set these up for you.