Just having an extra kitchen doesn't impact insurance eligibility. 

You need to understand that given your situation the asset and operational impact must be absolute minimal, lowest risk exposure possible.

How could this impact tax matters for both companies and the Joint Venture as a whole?

Guests appreciate functionality more than anything, so as long as they’re clean and do the job, you’re good to go.Little details like this can make a big impact on guest satisfaction.

What have you seen make the biggest impact ? 

@Denise Lang some copy & paste thoughts:TYPES OF RENTAL INVESTMENTSRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Combining these two minimizes the impact of financing on your Net revenue. 

They look like they are sitting on wooden piers and not on a slab or perimeter foundation.As far as lenders are concerned, that could impact the financing.

.- as yet unknown impact from required structural inspections (bill 154).

Memphis can actually be a great choice for real estate investing, especially for someone with your situation.First off, property prices in Memphis are much more affordable compared to markets like CA, so with $50k, you can actually make a bigger impact.