Finally, upon death, estate taxes can be quite large.

If they describe a problem with their credit do not say "Well, we'll have to consider you on a case by case basis"This is a clue to them that you'll take them regardless of the credit report and you'll be hounded to death.

Also, I have heard horror stories, from property owners, about management companies nickel and diming them to death when it comes to maintenance and repairs.

A Partnership is the kiss of death for §1031 exchanges. 

I brought the address home to find out the tax record mentions that it is a Life Estate.Quick google search says"A life estate deed is a deed form used to transfer property to one party automatically upon another party's death.

You will definitely want an operating agreement; I think it makes sense to do that through an actual attorney so it is customized to you and your partners (and covers all eventualities including the death of one of your partners). 

So, anyways...I'm sick to death of Schedule Es that are inaccurate, and tax professionals unwilling or unable to correct the inaccuracies in a timely manner.

You simply can't get around anymore, and all bridge tolls are rising to $9 in the next few years.

The reason I think I can buy it is because the only child of that person, who lived on the property, but never properly took ownership, willed it to his friend and caretaker after his death. 

Employer Contributions: Employer Contributions may be distributed upon the 401k participant’s severance from employment, death, or disability.