Underestimating theses can spell disaster as they are going to affect your carrying costs.

If the current lease is MTM now, the lease will spell out the method of giving them notice to any changes. 

Spell out clearly on your lease the charges for various aspects of your get ready cost.

However, what spells the difference between success and failure in the beginning is chasing the wrong (unverified) leads!!

My only thoughts are to make sure the agreement amount partners is clearly spelled out in legal documents, and everyone knows, understands and agrees as to who has what responsibilities. 

If you time the replacement, you can get a big reduction in the cost of replacement instead of waiting until it goes out (picture it going out in the middle of the night on a holiday week during a terrible cold spell)

Otherwise a simple LLC with two partners wherein the operating agreement spells out these same things may work well.The key here is to communicated exhaustively about the "what ifs" and "who does what and when" and "if you drop dead, what do I do", etc. 

Also like the idea of spelling out what work is required to manage the rentals in a management agreement.

There was a time during a really hot spell a few years back when we had so many underground lines break (in the thousands) that we actually had a health crisis. 

I've never had a problem with it.I recommend you study this issue and create a co-signer agreement, separate from the lease, that spells out their rights and responsibilities.