I understand that $3000 in deposit and $300/mo in addition to the $2200 first/last/security is not really feasible in a $750/mo rental.

Had I sought out help and run my decision by others it may have prevented a big loss.

If the JV agreement states shared profit and losses, does that override the fact that I'm the managing partner?

In either case, using hard money or a HELOC you're still putting yourself at risk for a loss so make sure you run the numbers properly. 

If you operate your rental property for a few years and then expect a windfall when your property is bought by a McDonald's, again the benefit of the gain being tax deferred will more than compensate for the loss of a depreciation deduction.Give serious thought to your exit strategies and how long of a period you plan on holding your assets before deciding which types of investments are best placed in which accounts. 

Check with property managers, multi-family real estate agents and appraisers.Then get profit and loss statements from the original owner.

Wow.Your only real leverage with collateral holders is the potential loss of collateral or at least their claim to any of it's value.  

Usually this means greater loss of money, time, and energy.I have spent hours cleaning, largely because I want to help my parents but also because I feel guilty that this happened during my watch....although probably impossible to prevent unless I was house sitting which I was not doing.Any advice about getting insurance involved early in the process of cleanup and drying?  

Usually this means greater loss of money, time, and energy.I have spent hours cleaning, largely because I want to help my parents but also because I feel guilty that this happened during my watch....although probably impossible to prevent unless I was house sitting which I was not doing.Any advice about getting insurance involved early in the process of cleanup and drying?  

One thing that I have had long talks with my bankers is the CRE  ( community reinvestment act) which forced banks not to red line and make a certain amount of loans in their footprint even though going into it they new they would be taking loss's based on the collateral ...