Taking the loss now is preferable to paying out monthly for the privilege of being a landlord.

I prefer graduate students whenever possible because they don't have time for partying, are of legal age anyway, and generally tend to be by themselves or with a partner so it's more like renting to a couple.

Replacing a bathtub with a shower can make narrow bathrooms feel larger and more modern.That said, consider keeping at least one bathtub in the building for market appeal, as families with small children or certain renters may prefer it.

They have not toured and I'd prefer to tell them that they don't qualify before they press me for a tour. 

How can assets be moved into a LP's name without triggering capitol gains? 

Also assuming your practice is going well, consider talking to asset protection attorneys.

You and the other posters here have been generous in indulging me in this exercise of considering this "partnership" / BRRRR, but demonstrating that we can invest successfully on our own power before seeking out partners is not only my strong preference but just sound business logic.As a new investor my head starts to spin when I start to think about investing, and the many gaps in my knowledge reveal themselves: how to structure a partnership? 

@Dustin Horner you should be contracting maintenance work and creating a preferred list of vendors as @Phillip Austin has recommended.The first person you hire to help you should be to handle what you LEAST like to do yourself or has the greatest time savings for you!

This doesn't mean you should because out of state investing for a newbie is difficult and if you listen to the wrong people can really burn a whole in your pocket.That being said, if I were you, I would likely diversify my assets.

And I much prefer a group where the members are also getting rich (not just the organizer).I am not paid by Brad!