The condition of homes newer than 1978 will determine if they still qualify for financing, plus many lenders will have their own 'risk overlays' in addition such as they may require the home be even newer than 1978, some limit them to 15 or 20 years old. 

I do wish there were more transparency, like allowing non realtors limited access to the MLS.

No cash flow, tons of dead equity killing your true cash flow turning your investment into a liability.

If it's any consolation, the benefits of expensing vs depreciating are only meaningful to those whose loss real estate tax write-offs aren't restricted by the passive loss limitations.

This is just a guess, might help if you had the balance sheet numbers to see if and what extent this is financed by debt in addition to the General and Limited partner capital contributions.

This would only be an advantage if you're tight on qualifying income but if you make big $$$$ in your day job then you may not need to refinance for the sake of managing your DTI.Also on VA, the limit for 0% down in snohomish, King, and pierce is actually 667,000 and you can qualify for a property that is higher than this but you'd have to bring in 25% of the difference above this limit in terms of "down payment."

The limit for conventional loans is 10.....as long as You and the property qualify, no problem.

Liability’s?

Keep in mind you have no contractual with owner so you have limited ways to get compensated.

From my limited experience there are two types of agents.