I'm questioning how repeatable this is since the property condition starting out is everything.

The worst one would be the one with the lowest rent per size, and target that one for immediate notice that rents will be increasing, due to cost of insurance, taxes and on going renovation efforts (etc...) and upon turning that one and re-renting it, target the next lowest, rinse and repeat until you get full turn over. 

Hunter, I'm new to Bigger Pockets and have not earned the right to give advice however I'll repeat good advice I've received.

After repeated calls and 1 hour on hold, my request to get my emergency plumber out was approved. 

This will likely affect what vacant land is worth.

It therefore affects you in more than just limiting the size of the rent increase. 

I have several repeat renters that I don't charge a security deposit and handle the agreement in an email.

I know the answer may be to do all of them but I run a few business and that is my main concern so i cant invest too much time from that and affect my primary income.

If you find an issue during visit, home inspection, any other due diligence item that adversely affects the price then lower the offer or walk away.Good luck

Where I’m confused is to best word a partnership agreement to be reimbursed and how that would affect my cost basis in comparison with my partners?