I am a buy and hold investor from California and I invest in deals in the Midwest.I need some help on how to properly structure a JV on a rental property.

What do you think would be a proper sum of cash to offer? 

With proper management and updates, I should be able to increase gross rents by $160 monthly ($1,920 annually) after the first year.

What is the proper depreciation convention, half-year or mid-month?

There was also a fair amount of tinkering with the boiler systems to get them filling properly which resulted in a lot of trip charges. 

I'm obviously biased but I feel like having the attorney handle title clearance ensures someone is looking at the transaction from the view point of protecting the parties instead of getting the closing done. 

Tell them you want the house to be safe and properly inspected.

I am a honest man and want to be sure I follow the proper procedures. 

Why would you not get it properly permitted.

Have a property inspection to make sure mechanicals are properly maintained and in good working order.