I feel that she would be struggling to make rent on a long term basis primarily due to what seems to be higher debt obligation ($129K). 

Some I really question there competency and some who really are amazing, seemingly almost too amazing to be "giving it away" on YT as they are. 

Unless I know the General Partner and have high confidence, personally it seems risky to do a invest and forget method in real estate.

It seems like a positive would be that I would be more confident they can pay every month and I could probably charge a little more since it’s now split 3 ways and get closer to market rents without cleaning or repairs. 

(We have a pool in our primary only becuase without dogs or kids, rocks or grass both seemed like a waste.)It doesn’t seem to affect insurance quotes at least here.

That does seem unlikely unless you changed your withholding to take less from your paycheck.

While I've reached out to several assisted living brokers, many seem to focus on larger, more institutional-sized ALFs, rather than portfolios of smaller residential assisted living homes like ours.

[sic] Those two things seem contradictory in nature to me.

Both areas seem lovely.

Does This seem like a Fair Partnership Very Very Rough Draft WHEREAS, Party 1 and Party 2 (collectively referred to as "Partners") desire to enter into a partnership for the purpose of jointly owning and managing real estate properties;NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Partners agree as follows:1.