Many things are covered in the lease but it is worth a discussion since most people will forget or never read the lease again after signing.On my last rental, I explained it as being in a partnership with the tenant and we work together to make sure they have a safe, clean and well priced rental.  

You want it to look nice and be functional.

@Matthew Irish-Jones what a bad functioning kitchen!

Does the partnership just need to meet the "material participation" rule for us to take the losses against W2?

Looking for more functionality.

If the LLC is a partnership owned by both of you, I think you still have to file a zero return though. 

Those hyper-specialized functions are best left to people who work FOR you - I'd rather pay my accountant to navigate the IRS requirements on my S-Corps any day of the week. 

Anything relating to shower/tub drains not functioning properly, issues with washer hookups, leaks of all sorts, etc., having this role be a text away is a must!

Hello, I'm considering going into a real estate partnership with someone I've known for a while now. 

The ceiling lights function good without grounds, but that could be a case-by-case situation.