Appreciation investing is dangerous and speculative, sort of like betting on sporting events. 

If the number's make sense based on the rental calculator you should move forward. 

@Joshua GostonAs mentioned by others, speaking with an experienced syndication attorney is your best bet.

The 2nd , 3rd, etc. tenant placement fee should not be paid, or a refund of the original amount should be due.One way you can hedge your bets on getting a good tenant is that FINAL APPROVAL of a prospective tenant must go through you, the owner. 

See real estate ROI calculators around the BiggerPockets site or other websites to make sure you're not missing any expenses category, and be generous in your estimates of expenses; i.e., error on the high side when estimating. 

The BP calculators are a great tool as well and what I used to initially get started.

They are easy to replace, the challange is finding an exact match.I would google Armstrong ceiling systems or USG ceiling systems that would probably be your best bet.

I bet dollars to donuts she'll take care of it.

Instead I would calculate what the average utility costs will be, build that price into the lease agreement and include a separate clause stating that if the tenant goes over the allowable cost built into the lease for utilities then they would be responsible for the additional cost.

I don’t want anyone to be surprised - and they of course still calculate it all in.