Fingers crossed, I should be OK after selling it and be ready for another opportunity, but we shall see.Lessons Learned:1) Fully understanding the financing of the deal and be liquid BEYOND money down/closing costs.

If this was hard to understand or I can help you with other advice, please feel free to connect with me a message me.

What am I missing or not understanding? 

It's really important to understand the difference.

My understanding is you have to own at least 5% which I do.

It also abides by the residential landlord-tenant ordinance, which if you use other leases is where a lot of things can be missed.So while I don't recommend using it without understanding it, it has been pre-vetted by attorneys so is actually a pretty good lease to use for anyone new or old (but specific to Chicago)

I am new to the concept of bonus depreciation and trying to get a better understanding.

I'm trying to understand what is the best way to approach a partnership structure for buy and hold properties where one partner is the finance (100% or close to) and one is the locate, manage rehab, manage property, and manage future sale (5 years or more down the road).I'm the one who is not bringing the finance.From what I've been able to see, there are a lot of posts on 50/50 partnership splits for profit, etc where one partner funds and other other partner does the legwork if it is a flip, but so far there is very little info out there for this approach with buy and hold.I've seen some comments stating that it would be surprising to find an investor who wanted to do this as the returns are not that great.

From what I understand from your post is that you are a landlord in which you have rented your unit to a company so that they can provide corporate housing to their employees (employee). 

I would caution you to make sure you really understand how to underwrite deals.