Everything is going well and then all of a sudden 25% of the portfolio has evictions and repairs. 

Below are key items I've seen in teaming agreements:Ownership Interest: Define each party's ownership percentage based on contributions like the down payment and ongoing costs.Financing Details: Clarify who pays for what—mortgage, closing costs, renovations, etc.Expenses: Outline how regular costs (taxes, insurance, upkeep) will be split.Management and Maintenance: Decide who handles repairs and improvements, including decision-making processes, funding, and responsibilities for performing or managing the work.Single Decision Point: Avoid deadlocks by assigning one person as the final decision maker.Dispute Resolution: Agree on a method (e.g., mediation or arbitration) to resolve conflicts.Life Changes: Plan for marriage, divorce, incapacity, or death.Exit Strategy: Define how a party can sell their share, including buyout terms and a method for determining the sale price.Rental and Use: Define the rules for renting out the property.

Two concerns:1) How much of the repair investment would you get back?

Basically ARV x 80% or 75% - Repairs When purchasing the property and paying for repairs with cash.

Quote from @Chris Barrett: Hey Dan, what do you underwrite for cap ex/repairs?

You could probably go as high as borrowing up to 80% of the after repair value (ARV.) 0.8*165,000=$132,000.

Based on what you’re saying, this deal doesn’t work—at least not for cash flow.If you’re losing $500/month upfront, that’s $6,000+ per year coming out of pocket, not counting potential repairs, vacancies, or unexpected costs.

Make sure to run the numbers carefully and focus on after repair value, purchase price, and rehab costs to ensure a solid profit margin.

It wasn't in this condition when I checked it a few months ago.1) holes in walls and bad patch job2) They super-glued a faucet knob which now doesn't work4) They bent a towel rod5) They dented the stove vent hood (needs to be replaced)6) They stained the butcher block and it cannot be repaired.

Without being able to see the properties on the inside, it would be difficult to judge if repairs were needed.