I look for cashflow to service the debt, repairs, cap ex, taxes, and insurance while the equity grows, my taxes are decreased, and rents are increased to make more cashflow. 

This is an ongoing situation and I’m hopeful that with RTR’s help, this story has a positive ending.
TLDR:
Property not performing as advertised. Negative cash flow and extended vacancy.RTR’s property management rec...

https://natlawreview.com/article/texas-federal-court-issues-nationwide-injunction-against-enforcement-corporate“We note this is a preliminary injunction, and we urge reporting companies to pay attention for additional updates and proceedings in this and other cases which could modify or change this order.”

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.

You have to adjust your expectations to match current reality, which includes higher mortgage rates, higher prices, more expensive taxes and insurance, more competition, etc.

A 50/50 split, while not uncommon in the world of flipping, is very sponsor friendly, relative to the typical syndication which will typically start at 80/20 or 70/30 splits, with a vast majority of proceeds going to the LPs, along with a preferred return that gives them 100% of the cash flow up to a certain annualized return metric.  

Quote from @Shakthi Kamal: If you don't know the answer, choose the umbrella insurance.

My dad and I (both with access to VA loans) are about to get into the multifam game and how we proceed is really going to depend on the true occupancy rules for the VA and our lender.

This is also accounting for my increase in insurance costs due to adding insurance to the ADU. 

Many stockbrokers and insurance salesmen are not fiduciaries.