These items could easily be 10% each in Connecticut.With the property needing repairs, I would pass on this deal unless you are in a high appreciation city and you feel like you can make up the loss with price appreciation.

When verifying the income do you want the APOD or Profit and Loss statement?

The second wave is Job loss based on that; then people can’t pay bills; more companies are hit; more layoffs, and somewhere along the line property values drop either as a result of tenants not paying rent, foreclosures in the area, landlords panicking and accepting less money for rent, etc.

The main take away here being don't push your estimates to the top of the limit in order to make the investment work, at that point you're setting yourself up for failure.

Then you can take unlimited passive losses which can be used to offset other income.

But it just seems weird to me.The lawyer suggests that I am not liable to my partner's capital in case of a loss.

If you choose to leave a small balance i would suggest no more than 30% of your total limit.

Just be mindful of the FDIC limits. 

Sometimes damages are limited to the earnest money on deposit. 

Overall, I am considering lowering lot rents to $250/month to limit the net increase to only $15/month for now.