The important things to consider are finding a single family on a multifamily zoned lot, number of parking spaces, number unrelated parties allowed in that city/county, and overall lot size (for future development).  

There is actually a known negotiation tactic to reduce offer when the other party is trying to go higher.

Instead a third party taking that money, you are taking that cash.

We will also have all parties sign a lease addendum stating the monthly rent increase and security deposit increase.

But to increase with just a notice, can be detrimental to both parties. 

I did research endorsements and ended up asking them to add T-19.1 and T-3We also asked them to remove the "rights of parties in possession" exclusion. 

For the most part, I was.

I've had folks (family members, business partners, etc.) do this as a way to either (1) come up with the minimum investment if neither party has the full amount alone, or (2) diversify; meaning, if minimums are say $50K and you only have $50K, you can invest in two deals instead of one by combining money with someone else looking to invest $50K.Disclaimer: I'm not CPA or attorney, just speaking from my own experience!

I know I’m a little late to the party but I’m new to this investing thing and think this would be awesome.

Are Maintenance/Repairs held in-house or done by a 3rd party?