As noted above, up to 50% of gross rental income normally gets eaten up by expenses (taxes, management fees, utilities, landscaping, repairs, capex, etc).

I realize we’d probably want to bring in a real estate attorney, but I’m assuming there are models in place that are probably well-established for such a partnership that I know nothing about.

They have to have an established contract with the bureaus in order to report.

This property is gonna cash flow over $1000 a month after we're all said and done with utilities mortgage and more.

Does that include utility service to the house, a driveway, septic and well? 

You can also tell her to call the utility company about the best way to save, as turning off heat and on is not efficient having to run longer blasting out cold air as opposed to leaving it set at a lower temp. :)

Cost segregation utilizes the MACRS approach.

Now purchasing a home with cash is always good b/c obviously cash is king but also I think the part you might've missed is that, the money your utilizing on these home's won't actually be yours, but the banks or whatever institution you used to fix the home or make its value worth more.

Specifically, I’d love to hear about best practices for managing shared spaces, screening tenants, and setting up house rules.Additionally, I plan to split the utilities among the tenants—any advice on how to handle this efficiently would be greatly appreciated!

Also, in regards to a per diem, I'd like to be a bit more optimistic that I can establish the right checks and balances to ensure that the contractor is not skipping corners.