There's nothing wrong with fixing something that is broken, but you shouldn't be making improvements to things that are clean, safe, and functional and that were fully observed by the tenant during the showing process.

But it's really not, it's just an observation of the truth.

This would allow us to retain the tax identity of the partnership but also split the purchases between each of the partners. 

Even if you are short by $3k when the time comes, you should be in a position to have $3K in your retained earnings throughout the years. 

I am currently just researching and want to attend and observer an auction soon.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Also not sure if retaining any of these properties after your parents die is something that you're interested in that requires property tax planning. 

Their coaching is not cheap, but I think the thing that separates them from the one-time seminar gurus is that they offer a series of classes designed to deepen their student's knowledge so that they end up with a well-rounded education, versus what you can get (and retain) out of a single 3-day fact-filled seminar.

As you've already observed, when you buy a $500k property and finance at 50% LTV to rent for $2,800/month, your Cash on cash is abysmal.

From my observations its usually the individuals offering mentorship or coaching who teach this because its the easiest way to show success and justify their fees despite the students winding up with lousy assets.