You mentioned "commitment to a full time job" almost as if that was a hindering factor - but if it hasn't helped you attain more than "little money", have you had the correct priorities, allocating your income?

I allocate $25,000 per property and rarely exceed that.

Simply a different approach to a common goal of making a profit.Neither investor differentiates in regards to the allocation of value between land and home although I am certain the insurance company's may have a different opinion on that subject.Personally I will choose 20 properties valued at 50K per door every day of the week over 1 valued at 1M per door.

Typically between 10-30% of the value of the property can be re-allocated and accelerate depreciation.

The allocation is important to the buyer because amounts allocated to depreciable property and wants to increase the value allocated to the personal property because it can be deducted over the life of the acquired assets. 

[I reckon the rental income, and expenses paid all the while, should also have been allocated at that same proportion!

I'm not sure what percentage of a home ends up being allocated to <20 year items.

I have no idea how the contractor allocates his overhead and profit.

We want to put together an agreement where all of our responsibilities, capital allocation, distribution of profit/losses ... etc are stated.

That return is basically a summary on all the income/expenses/ allocations to each partner Electra.