It includes a 3-bedroom, 1-bathroom ranch house along with a private street hosting a small mobile home park with 5 units of which are owned by the seller. 

Given you aren't clearly a prorata split of everything (IE both names on title, mortgage, etc), Partnership treatment would be much more supportable than as a TIC.If you have an agreement in your JV that you are sharing the expenses and revenue of the venture, the JV certainly gets to claim those valid expenses, including the mortgage interest.If the property was never in service and was being renovated, that interest may not have been deductible anyways and it is possible it could have been required to capitalize it into the renovation, in which case you'll recapture it by your share of depreciation.

Additionally, what factors typically increase bankruptcy risk for leveraged investments?

This framework should be comprehensive, covering all key areas of property management including financial management, tenant relations, routine and emergency maintenance, legal compliance, and property marketing.Identify the critical traits, skills, experiences, and credentials that distinguish a high-quality property management company.

You can do all you mentioned above but you cant eliminate some of the luck factor involved.   

So, you should have at least 10% contingency factor built into your numbers plus add at least 25% time to the timeline.

That includes salt and pepper shakers.

Obviously hassle factor comes into play with selling, doing a 1031 exchange, finding replacement property, etc., but from a pure math standpoint in my mind selling definitely makes sense.But I can think of multiple turnkey assets in Reno, NV off the off the top of my head that would produce this. 

This seller also owns a really beautiful parcel of land next door that they're willing to include in the sale.

There's a good amount of folks doing BRRRR here in Pueblo, myself included!