Theoretically, you could disable the minisplits during the winter, so that they cannot be used for heating, and use a "dummy" thermostat in a prominent place, and have the real thermostat, set to 68, in a hidden place that they cannot access, but that reflects the temperature of the unit. 

I painted the main living spaces and the master bedroom, rehabbed the kitchen (painted the cabinets, replaced appliances, replaced the counter top, and installed new flooring and light fixtures), gutted the master bathroom, and closed in a window that looked into the foyer(I could never figure out why someone put a window there).After doing a little bit of reflecting, I wanted to share some of the biggest lessons learned throughout this process.1.

@Owen ThorntonCAP rates are not just a reflection of return but risk.

If it says 50/50, then half the income/loss goes to member A and half goes to member B and is reflected on the K-1 as suchAre you getting it now?

(we dont plan to sell)At the cash out refinance we will split the money 50/50 and he will use his portion to repay my 50% of the deal and at that point profits will be recalculated to properly reflect the equity. 

This poor relationship is because the RE market is efficient and reflects expected appreciation and expected risk. 

I will be writing up new leases reflecting the current terms including the rent increase.   

Cap rates are a reflection of the risk in the asset and market.

I ran into some issues throughout the process but overall it has been a great learning experience and at this point, it's looking like it will be quite profitable.As I near the one-year anniversary of this deal, I'd like to reflect on a few hard-learned lessons:-The renovation was slightly more than anticipated but within reason.

You work harder and your income has the potential to reflect it.