This is a medical practice building with one tenant.

I relocate in June.

You also need to check with the utility companies and get cost estimates from them for availability, fees, hookup charges, transformer and power line/power pole locations or relocation requirements, water, sewer,gas, cable etc You will need ball park cost estimates from site work contractors for site work, roads, installation of utility lines etc. 

Can anyone point me to best practice resource for a partnership agreement, private placement memorandum (PPM), and/or other critical documents that need to be in order for the purposes of something as buying a piece of investment property with a business partner, or as complicated as function as a sponsor syndicating a piece of investment real estate?

That effectively lowers the mortgage rate you are paying.I believe your primary mortgage interest + state/local taxes must be below $10,000 to be fully deductible and you have to overcome the standard deduction value to get practical value. 

So, I'm trying to be conservative and allow for increases, but also don't want to kill deals being too conservative.What is your best practice?

I am a noob here as a 43 year old physician struggling to keep up the hours of my busy practice and I am looking for tips on starting investment by BRRRR'ing (is that a verb?)

@Emanuel Ohunwu just because you can do whatever you want with the security deposit, doesn't mean it is best practice.

It's not really practicable to quote a fee for a 1065 by number of partners. 

And if we would have know we might have done something a little different, but maybe it doesn't matter.We were relocated out east, bought a house, then were relocated back the midwest for work.