Obviously the partner in the market of the property will have more boots on the ground influence but that doesn't necessarily mean a large cut of that property if building a portfolio is the goal.

I have reached out to the seller with questions about the people to talk to for things, especially short cuts he has learned over the years.

If they become so bad that they just don't cooperate, then file for eviction to cut your loss.

It's an expensive market (for the most part) but the rents are high, so it is possible to find something where your cut of the mortgage would be minimal.Adding to the areas you might like: Uptown, Jack London Square, Cleveland Heights (AKA Eastlake), and parts of West Oakland.  

But I do not operate as an LLC, this is a decision which cuts against the prevail opinion of many. 

I just got a quote and it seemed crazy high so I am trying to figure out if I am missing something or if I should cut it down tremendously.

Maybe cut your monthly to 840 for year one, by offering to give him $2000 up front.

Create a savings goal, enact painful budget cuts, and if you still cant hit the number you need 8 years after these calculations, then maybe real estate is worth the calculated risk.

Or if the trees are on your property cut them down

Important to keep in mind companies can and often do cut dividends during a recession .