Traditionally the larger and international groups have stuck to Commercial Office and Industrial, they are now becoming much more comfortable with Multifamily as an asset class that is worth allocating serious capital towards.

As a partnership, the income and expenses will be allocated to each partner in accordance with their share (or as given in the partnership agreement).

Your property management company should have all the strategies and systems in place to keep your property occupied.If you are self-managing from out-of-state (typically a bad idea) then you want to make sure that you work with a local "leasing agent" (depending o  the size of the property) and you have a solid budget allocated for marketing and ideally get to the point where you have a waiting list.

I would within the timeline of your states guidelines send a letter accounting for how the deposit was allocated.

The problem when you just borrow money not allocated to a specific property is; how do you decide when to pay it off?

My household income allows me to save $20k post tax dollars a year and ~40k pretax dollars per year for allocation to real estate rather than stocks/bonds & speculative instruments. 

." #2 How can I maximize the allocated funds.

@Will Gaston I would suggest you at least get it inspected and see what the worst case number would be and then reassess.I would reevaluate numbers - if you bring in $8900 per month, and have to allocate the recommended 50% in expenses, and $3300 in PITI, you are bringing in $1150 with so many properties to deal with. 

Really depends on your budget, motivation, and time you can allocate to it. 

Included 20% capex allocation in my calcs (which might be low.