Yes, I think I understand what you mean about internal fairness between the two partners.However, there's still a long term capital gain on the cashflow in excess of profits once the basis is "used up" right? 

I’m saving up right now to buy my first property.

Generally speaking, most of the people will use umbrella insurance (more insurance but will cost some) and/or LLC (done right, more protection but needs to be set up right and need to be properly maintained.)

Everything is so jacked up right now.

Also, if you want anonymity you need to set yourself up right from the start. 

The Covid 19 Rescue Fund is being held up right now, by the Democrats who want 3 Trillion Dollars to give to the States that don't have the Money to pay the Pensions.

Otherwise it's not worth it, I'd rather deal with extra accounting or less control by structuring it as a loan than go through certain IRS audit, even if I'll end up right in the end.

I'm strung up right now because most of the (non REI) guidance I've found is to only hold 3-6 months of living expenses as a cash reserve.

Till this day, I kept relations with at least two banks.I'm set up right now that I can carry on if tenants can't pay rent, as my HELOC can carry me for a few years, along with the stimulus checks.

They don't show up right away, but they will show up later - you can count on it.If those charges haven't been included, that $93 is probably going to go negative and sink the deal.