But how does one approach you, while you already have your tried-and-true colleagues, and earns a shot to maybe just be in your rotation?

Also, if you plan on partnering with this individual long-term, I think a 50/50 will induce less strain on the relationship.

I know custodians administering these distributions aren't asking for proof of financial strain. 

If the tenants don't have anything nice to say about their landlord, their relationship could be strained.

Since the property already had tenants in it - we did not want to put undue strain on them immediately.

Most expensive things would be A/C unit and furnace if they weren't operational.The reason for buying this house is so that I could focus more on generating my passive income without the strain of having to work a 9-5 while also running my business.

If they accept it, you can rotate them into the updated unit, and fix their old unit.

Continue to use Texas legal counsel (because that's where you live).If you think the marital relationship can take the strain, get a separate property agreement for the LLC and all income/assets it has/receives.Don't take any advice received here (including this) at face value.

Regarding the mortgage piece, remember that, when owning outright, you can take as little or as much as you wanting; however it's not a rotating line of credit so if you want to do it again, you'd have to apply again. 

I use an IEN from the IRS to get tax breaks on purchases and to register or apply for strain programs and licenses.