Before you set it up I would advise assessing your own resources (time, capital, skills) that you can provide to the partnership and anticipate what you think an ideal partner would also bring.  

I just got a small check from ComEd b/c I used less energy than the budget plan had anticipated so it's probably more like $85/month.

Not anticipated but I had reserves.

I suspect your vacancy rates will be higher based on section 8 C class property.You should not count on refinancing at 4% based on future expectations and would be safer anticipating rates at 6% or more.  

I am anticipating putting $5,000 down but didn't know what to expect for the interest, does it usually follow the industry, for example so I have a general idea of what to expect or try and get. 

Your first rental will cost you more (in time and money) than you anticipate.   

and costing more than I anticipated (ie, cutting into those future investment funds).

I don't anticipate needing to add or spend funds from the account on any regular basis outside of paying the property tax on the land each year.Anyone have any thoughts on the subject to share?

Luckily for us, we only signed a 6 month lease anticipating that we would soon become tired of paying for such a small space that doesn't belong to us.

If I was making the DP OOP, I'd be on the hook for thousands more than I anticipated and would most likely have to pull the deal and loose my deposit.