Think of all the things that can go wrong and you want a way to remediate it in the JV agreement. we did this once and the partner never started the work after a year so we deemed the note in default and were going to take back the property but they ended up selling another property to pay us off.

However, the tenants will be paying that PMI so it’s still better than not buying.

Trying to find something that pays well where the work is easy for you.

Students pay between 500-800 per room in general. 

Call the well drillers an throw some extra cash at them .

We will sell some of the lessor houses in the future and pay off some others.  

Hello in 2021 my partner and I bought an apartment in FL.The main purpose of the apartment was to invest our money to have it saved for our son to go to college.We have been renting this apartment to a family member who has been paying less than what we pay for mortgage and HOA,so we have been taking money out of pocket to cover expenses and so on.I decided that even thou the purpose of buying it was for college,I’ve had enough taking money out of my pocket to pay the HOA and expenses.My question is if I should sell this apartment or if it would be worthy in the long run to keep it and meanwhile just keep paying the HOA and expenses.Renting it to another person is not an option.

You would pay tax on 2/5ths of the gain. 

My understanding is that we'd pay $1,000 for a rent appraisal which would have to come in with a ratio of at least 1.0 (i.e. at least as much rent as PITI) for the loan to be approved.My concern is that 730sf is basement, and only 300sf of that is fully finished. the rest is just walls.

I recommend you avoid Section 8 until you've spent a few weeks learning more about it and deciding whether it would be worth it to you.One thing you need to know up front is that there's a lot of extra paperwork involved.