If something breaks they are going to get it fixed - but you want to be careful about who they call.

Such a situation is recoverable if there is enough time for a market recovery and the cash flow is at least break-even (or there is enough reserve cash to cover negative cash flow until it can turn positive). 

I once rented a 5bed/3bath in two days, just a week before Christmas when the ground was covered with snow and ice.Sitting vacant in the winter increases the risk of frozen pipes or other expensive problems.

You technically CAN break it up on Schedule E; however, it is not the best thing to do for audit purposes or an actual breakdown.You should have an operating/partnership agreement together and you should have a dedicated bank account for the property.  

I hope you or someone is at least keeping an eye on your properties for break ins, squatters, roof leaks, temperature control, frozen pipes (if in cold climate), if you have a basement and sump pump goes out leading to water damage etc.I just talked to two investors in California that have let their properties sit vacant (no mortgages so paying property taxes and insurance).

And still, neighborhoods can change, tenants can go rogue, things can break etc.I'm always looking for ways to help protect investors so I'm open to any ideas you have.

The trust supposed to pay 100% back billions in tax if violated, but the IRS gave them a break after this whole game collapsed our economy.

I'm working on part of an investment strategy and I'm curious about having one more valuable property that, either through a large down payment or BRRR method comes in at 70 LTV, versus using creative financing to have multiple less valuable properties at high LTV.So, assuming all properties would be at just above break even, is it better to have one $600k property at 70% LTV, or four $300k properties at 95% LTV?

You were correct that you can discourage/block an applicant from applying without breaking a fair housing policy if your application process requires them to tour. 

Or you can look at it this way - you've learned nothing and still have money sitting in your checking account wasting away and I just put another $3500 against my mortgage yesterday without breaking a sweat or taking anything out of savings.