Since I will need to pull from my equity in my one of my two properties to get my next one and this will be my first true "investment" property, I know I need to be rock solid on my facts with my wife.

Those drop like a rock in value as soon as you leave the lot and highly affect your DTI ratio getting a loan for investing.

I tried to figure this step by step on the napkin from the article Rental property numbers so easy you can calculate them on a napkin, and came out in the red.

You may have months and years where you're in the red, but if you have adequate finances behind you, you should be able to absorb those.But if you take one thing from my rambling, let it be this: Come to an agreement (written) with your partners, specifying what will happen if it goes to ****.

Your location says Round Rock.  

That to me sends a red flag.

You guys rock!

Make sure that the dirt at the foundation allows for drainage away from the home and not pools around the house.Vented dirt or rock crawl spaces are huge energy wasters.

I partner with another BP member here on the Cape, If it needs more $$ out of pocket than you feel comfortable with we may be interested in knowing about it as soon as you give the red light to the other party.

A small rock stuck in a shoe, pet claws (just from walking), and any kind of rivets/zippers/buttons from clothes pressed into the floor can damage it easily.