Understand what each partner will make, how profits will be split, what each will contribute, etc. tax implications for partnership allocations.

@Sara Elford you will do a partnership return at the end of the year and at sale and allocate prorata share of taxes at that point.

The government is now putting builders in a position that forces them to allocate high-end units as subsidized affordable housing.

The default rule for most (if not all) states is that voting rights, the sharing of profits and losses, and distributions from an LLC are allocated among its members based on the value of contributions made by the members to the LLC. 

@Jim DavidIRS has determined that there are several methods you can use to allocate the cost between land and building.Have a discussion with your CPA on which method would result in the largest allocation to building.

For instance, if I made an agreement with the tenant that each year I would allocate a certain dollar amount to repairs and maintenance (which would be far power than I would expect to actually invite).

Simply allocate the proceeds into as many down payments as you can find/qualify for.One of the ways my clients are using to start to mitigate risk in a  maturing market and yet leave your powder dry and options open is what I call defensive investing. 

However she is all about encouraging me to keep chipping away at our current debts to allow us to allocate more funds to our rental purchase bucket to really get started.

This far exceeds the maximum allowed ownership by a single entity of 10%2.The HOA budget indicates that the HOA is not allocating any funds to its reserve account in 2016.3.Investor concentration at 62% exceeds max allowed of 50%At this time there is no exception available and the application will be declined."

The biggest issue is that you need to find a tenant who has the requisite income such that your property fits within their allocated Maximum Affordability for Rent Plus Utilities.