You will have two separate K-1s as you are each individual owners.  

BUT, then you want those landlords to judge every single tenant individually and not lump them all together with the ones that lie, cheat, steal, and destroy the property on purpose?

Furthermore, the individuals entering into these agreements believe the transaction to be a loan.

I personally avoid individual showings and schedule open houses instead.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

A JV structure is good for a one-off deal because the only commitment you have is to the investor(s) and that individual project or deal.So in part, the answer to your question depends on what your objective is. 

Then split bottom line 50/50 with the partner (individual) after all other expenses are paid.

Found several others affected by this individual.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

Check their social media profiles to gauge whether they are reliable individuals.