To further the point if there were 4 people letting the property then one could consider the number of tenants as for increase utilities and passing through in the form of rent to the tenant, and consider whether the number of people in the unit might create a disturbance or nuisance, and / or excessive wear and tear to the property.  

Distribution in excess of basis, debt financed distribution, repayment of reduced debt basis (if S Corp) are some possibilities that come to mind.This isn't something that you can or should DIY. 

Again depending on how you setup your fund if you are offering a straight preferred return or offering excess cash distributions this will dictate the fund.

When credit dried up, many players (usually arrogant corporations) with profitable properties had to resort to bankruptcy protection because of cash flow shortages.

My holding costs are bleeding me dry in the meantime.If the insurance company honors the claim it will still take several months to get an NFA.

One is exactly 90 days notice, the other is excess of 90 days notice. 

I typically program out a five month hold for all of my deals, although reality is 3 1/2 months.As you can see from my application worksheet on a cash basis my cash out-of-pocket is an excess of $280,000 plus holding costs $3067 my cash net profit on the steel would be in excess of $47,000 with a 17% cash on cash return.This is where leveraging your cash comes into play if I finance to steal my cash at closing is slightly over $32,000 my holding cost over five months are slightly over $15,000 (Paying rent for the money and loan costs).

I’d hate to go and leave him high and dry but I still need some advice.

If theres excess of production over usage who gets the check.

Definitely check the things on your list, plus I would add to look for any water penetration, termites, check the windows and the structural integrity (foundation, floor joists, framing, any bowing walls, sagging floors, dry rot, etc.).