Assuming an 8% to 10% annual CoC return, you would need to invest $720,000 to $900,000 to make the $6,000 a month.

I have raised rents around 3% annually, which actually may be a little low for my area!

I come up with negative cashflow.Income & Expenses (Annual)Gross Annual Income: $24,300Insurance Expense: $1,440Gross Annual Expenses: $2,120Gross Inc Multp: 11.32Net Annual Income: $22,180Capitalization Rate: 8.07%Taxes: $3,761List Price: $279,900The above is what the listing gave me... using std 4-6% interest over 30 years I keep coming up negative.

I come up with negative cashflow.Income & Expenses (Annual)Gross Annual Income: $24,300 Insurance Expense: $1,440 Gross Annual Expenses: $2,120 Gross Inc Multp: 11.32 Net Annual Income: $22,180 Capitalization Rate: 8.07% Taxes: $3,761 List Price: $279,900 The above is what the listing gave me... using std 4-6% interest over 30 years I keep coming up negative.

"I'll be doing my semi annual maintenance inspection soon.

Partnership operating agreements are very flexible.You could do a waterfall schedule for both allocation of income and capital distributions.e.g.1) You're allocated a cumulative fixed annual return on your unrecovered capital contribution (6%, 8%, 10%, you name it)2) Profit in excess of the fixed annual percentage return is split 50/50.Capital distributions could be something like: first distributions are to recover your capital contribution(s), then preferred return accrued to you, and finally the 50/50 profits.Food for thought. 

*****************************************************************************************Home sellers slash prices, especially in CaliforniaIn the four weeks ended Sept. 16, more than one-quarter of the homes listed for sale had a price drop, according to Redfin, a real estate brokerage.The supply of homes for sale increased annually in August for the first time in more than three years, according to the National Association of Realtors.The average rate on the popular 30-year fixed mortgage loan is up more than a quarter of a percentage point in the past month and is knocking on the door of 5 percent, a level not seen in nearly a decade.https://www.cnbc.com/2018/09/20/home-sellers-are-s..."

Even if your cash flow is $400 per month you will only realize an annualized return of $4800 on a $600,000 investment.

In college, I had a friend who kept two wolf-hybrids in their backyard.  

You do have to take required minimum distributions most likely annually.