You will need your own expert to help you establish that and what an eqitable deal might look like.

The property seems like a good deal; over 8% CoC return and low $300/ month of pure cash flow but that could be gone quickly with this problem.Any experience stories or advice from the experts?  

It will come down to what your goals and wishes are, as well as what the economics of your finances looks like.

Wondering if any BRRRR experts/folks with experience on here would be open to networking to chat investment properties in Madison, WI? 

I'm not an accounting expert but I've noticed that, sometimes, there are a few different ways to book things that are acceptable.

The underlying economic resilience of the area is derived from demographic (population) growth and median income.

I did that when I went out on my own to start my digital marketing company because anyone that attends will see you as the "expert".

Furthermore, where the economic benefits to the individual participants are not derivative of their co-ownership, but rather come from their joint relationship toward a common goal, the co-ownership arrangement will be characterized as a partnership (or other business entity) for federal tax purposes.

I have utilized:Rentometer, Zillow, bigger pockets for rentsCrime Rates: Spotcrime.com For school ratings: Greatschools.comLocal cities Five Year economic plan to determine where they intend to invest money. 

With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.