Cap Ex was relatively high last year due to a water line leak wiped out a good portion of the profits the Cap Ex that year was around 48%of rent since rent was lower.

Just testing the waters.

Rates and terms vary widely based on the relationship and agreement between the lender and borrower.Comparison:Interest Rates and Fees: Both can be high, but private money might offer more favorable terms if you have a good relationship with the lender.Approval and Flexibility: Private money can be more flexible and tailored to your needs, while hard money has standardized criteria.Source: Hard money comes from companies; private money comes from individuals.Your business partner’s model has worked well, but diversifying your financing sources is smart.

I'll show you one quick example that proves that PUP is better than LLC in a standard case.Take for instance you have a 500K property completely paid off. 

Now if you have a general person who stops in to do other small tasks or do more property management style tasks (walking through the house to inspect for damages, drop anything off guests may need, change water/HVAC filters etc.)

I like Dayton or Columbus more because they have more going for them across the board, but doubt you can find a quality multi up to your standards at $150K in those areas.

I cannot overstate the importance of finding a way to build a good rapport with your tenants as early on in the acquisition process as possible, as it will minimize or prevent countless headaches further down the road.When I took over my duplex with an inherited resident in one of the units, I had this conversation with the tenant prior to closing and found out that the toilet in their bathroom was clogging once or twice a week, and their shower head water pressure was super weak. 

Water pressure holds at the meter.

Older buildings, lots of water, insurance issues.

One of the restroom water pipes broke over the weekend and flooded the whole office that would need a major renovation.