We don't want to pay taxes for a property that is not recorded as being our property.As this point we may pay taxes and they still not file the deed for some unforeseen circumstance.Please advise, do I need to lawyer up.

Reserves are also needed for any unforeseen capital improvements.  

I would like to know what are main safe guards which 50/50 LLC partnerships typically put into place.Lets say all goes well and then an unforeseen event occurs to one partner...1.

The property numbers are as follows:Rent $1050 a monthMortgage payment $395 (5% on 60k, 20 year)Taxes $75Insurance $75Property management $0 (self manage)Repairs/vacancy/turnover/Cap Ex reserves $150Monthly cash flow $355Property account balance $0Now let’s see how it would work if I were leveraged at 75% and kept the other 25% in an account for reserves.Rent $1050 a monthMortgage payment $594 (5% on 60k, 20 year)Taxes $75Insurance $75Property management $0 (self manage)Repairs/vacancy/turnover/Cap Ex reserves $150Monthly cash flow $156Property account balance 30kI would much rather be 75% leveraged, make only $156 a month in cash flow, and have an additional 30k in the account for emergencies and unforeseen events, such as a Coronavirus apocalypse, than be leveraged at 50%, make $355 a month in cash flow, and not have the extra 30k in the account.

Ofcourse, if there is a bigger unforeseen expense, then that cash flow is washed away..  

There is also an automatic 10% to 20% emergency  reserve added to base budget to protect you and the lender from cost overruns or unforeseen issues that later occur during construction that are required to be fixed or local building codes you may not know about require more than you planned.

No one is going to pull the loan or anything if you end up going back to work a month sooner or later due to an unforeseen medical complication.

Aaron, Always budget a bit extra for unforeseen expenses.

Regarding the cash flow, I would set aside funds for the repair work you know you need to do and a little extra for the unforeseen and put the rest into your next deal.

Avoid both areas or you risk unforeseen troubles.