It’s a risk, but for a decent discount I wouldn’t be concerned.

Since I'm inheriting all the risk by funding 100% of the deal, I'm not sure I'm not sure I'm comfortable, but am unsure on what else to have in writing to make it right.In addition to this proposal, I've already purchased 3 lots in New Bern, which was presented me to this same person. 

I'm too skeptical for some things thought.... 1st I have no numbers in my hands since the seller never involved in renting the apts , 2nd Do you think I'm exposed to a bigger risk since it is the beginning and I will not have a steady cash flow out of short-term renting? 

How long can I carry losses over?

YUP  I could have flipped this plat to DR for a quick 1 mil profit but we decided to build it out and that brought us an additional million plus in profit .. of course you have risk reward.. flipping to DR takes all the risk out.. but we were and are confident in this market and price points.. the over million market is slowing a lot of PDX or taking a breather as I like to say.. but the 350 to 500k is still robust and that's where we play

I would not be able to carry the investment solely with my own finances (hence the partner), so it seems the bank would refuse to lend to me on that basis.Are partnership investments simply limited to commercial loans only? 

Since I'm inheriting all the risk by funding 100% of the deal, I'm not sure I'm not sure I'm comfortable, but am unsure on what else to have in writing to make it right.In addition to this proposal, I've already purchased 3 lots in New Bern, which was presented me to this same person.

Risk-preference is all relative but this would be outside of my personal tolerance and I'm actually doing deals in a few rougher areas on the South side of Chicago.  

Conversely though, they're at increased risk for these types of bleeding.  

I switched to doing Wraps in Texas because it is much simpler and less risk.