You are right, I should have accounted for that.

I am trying my best to take everything into account, but there is no doubt things I don't know.

I know my model didn’t take into account every factor.

@Stephen Schott the Landlord Forms are only free for Pro Annual subscribers.

They provide free estimates and work with your accountant.

If you do end up splitting profits and equity 50/50 then make sure you account for your management.

Also, this is why you pay for a good real estate and business focused account.... so you don't have to try to figure out something that is not your expertise or specialty. 

Here’s a quick checklist to cover your bases:Property Condition: Get a thorough inspection to assess major items like the roof, foundation, and HVAC—this helps you plan for any big repairs.Financials: Account for all costs, including taxes, insurance, maintenance, and property management fees if applicable.

Do you have a business plan of annual projected revenue and expenses before debt cost ?  

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.