As the new landlord, you'll assume the current lease agreement, honoring its terms and conditions, including the late 2024 lease end date.

Take into account elements including the property's state, the age of the HVAC, electrical, and plumbing systems, and any necessary cosmetic renovations to draw in renters.

A "proper lease agreement in place with right terms" would have included the condition checklist. 

Their claiming the whole property is not up to their cleanliness standards which includes about 11 things and charging $500.

I realize that our partnership would need to file our 1065 for 2023, but would then the partnership issue subsequent K-1s to me and my wife, to which we would include when we file our personal taxes?  

Also, maybe don't include your lender in every step you're making.

I intend to focus on the BRRRR method primarily, but am open to learning all kinds of other strategies including tax lien deed investing, foreclosure purchasing, and anything else that may help achieve both my short and long term goals.

By definition and generally accepted accounting principles (GAAP) you should not include these in NOI.  

You have 180 days to complete your purchase.I'll reach out via pm with some additional resources including our youtube channel.

Once your total income (including LTGC) crosses the $500K threshold (which is really about $519K in 2024), then it flips to 20%.   ** Remember @Ran Fridman that you are also likely facing recaptured depreciation taxes (25%) and possibly NIIT taxes (+3.8%) on sale, plus state taxes on income (+4.95% for IL).