We wagered it would cost less if we just spent time sourcing the right people.

If I'm following this correctly, the 1st issue I see is that you have an "active" business (consulting) versus a "passive" business (the rental property, assuming you don't do hands on management, etc.)...this would be a separating line for many people I've talked to about this. 

Versus. 

If it were my kids and there was bad water I would own you right now and take it to court versus fighting you over 700 bucks and then have the judge throw down a harsher punishment.

@Lucas Hunt50/50 is not uncommon - but also partners breaking up is also highly likely so what I would recommend is in the company operating agreement or in some type of agreement make sure you went through all the what ifs that could happen and how they would be resolvedIt’s a lot better to resolve them now versus when their is a dispute

You could put your cash in a national (versus local) FDIC insured bank in a savings account and get on with it. 

A Cash out refinance offers a 30 year versus a Heloc which is usually 10 to 15 years making the Heloc payment higher.

you don't want to choose a gate access system and it limits which management software you can use, or vice versus.

If you plan on a long term month to month it sounds like the HOA is part of the deal killer and the second part is the price versus rents per door. 

Just curious if you would do the same scheme on an A versus a C neighborhood?