Pro-formas are you bestest friend. 

What makes a good partner, or an unnecessary one to begin with.First, there are only three reasons to form a partnership, and each partner must fill one of them, or don't partner with that person/entity:1 - The Partner in question must do something you can't do (the obvious one),2 - The Partner in question must do something you don't want to do (if you don't want to do it, you won't do it well),...and the last one, but the most important one...3 - The Partner in question must do something you shouldn't do. 

@Khizar HanifMy thoughts in no particular order:For operating expenses, their pro forma says it's about 40% of the gross revenue ($45k +$30k).

The only thing I'll add, and I know this sounds basic, but make sure headline figures (Cap Rate, CoC, Equity Multiple, IRR...) in your Exec-summary match your pro forma figures.

We would form a company that owns the land.

Over next 5 years, procure 1 rental per year and along the way get my broker's license to form a Property Management company here.

I'm worried if we form a partnership LLC and things go south on the first deal, he'll be too nervous to do another deal and go back to the stock market. 

Creating an LLC to form a magical bubble around this "ASSET" that you intend to milk dry is not an LLC.  

This will be more accurate for you and after doing this a couple times you will have a better feel for what to expect on future pro-forma's. 

If a tenant came to me with a problem that was in no way, shape, or form a result of my actions; I'd let them know that.