I calculate the returns on the entire investment, since your debt applies to the entire investment.

If you do have to move because of a job, you would be safest (in my opinion, i am not giving legal advice or financial advice), i would sell that property to ensure that you did not just purchase with the goal of moving out early and taking advantage of lower rates and lower down payments for purchasing your home as a primary residence. 

Analyze properties by looking at gross rental income, operating expenses, and the debt service coverage ratio (DSCR above 1.25 for rentals).

You paid 1% origination, closing, legal etc, and 4.5% interest.  

The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

How much weight do you give to the cash flow benefit of cheap debt when the property is priced above market?

Or for the high-end primary homeowner has no legal way to 1031 exchange; so the deferred sales trust is a no brainer.

Eliminate debt, establish a budget, and save.

I've seen other people in the forum who simply use independent savings accounts but it is not clear to me if that is legal.

As a business, a judge will expect YOU to know all the laws and legal procedures.Make a minor mistake and the judge is unlikely to give you a break and may rule in the tenant's favor.The judge will see the tenant as a consumer and may give them a lot of leeway in court, even give them borderline legal advice.You are in over your head, not having the knowledge to properly handle this.