a pro tip that i've gathered is to look into term life insurance policies for each partner. here's why:partner #1 gets a term life policy with partner #2 listed as sole beneficiary, vice versa. they determine term length & value based on about how long they plan to hold the property, and about how much equity each of them will have in the deal at that time. partner #1 passes unexpectedly. rather than partner #2 having to default to going into business with #1s family, it's written into their partnership agreement / trust docs that in this situation, #2 has the option to buy out #1s interest in the deal. #2 uses the proceeds from #1s life insurance policy, to buy out their half, and #2 is now sole owner of the property.these are the things that no one wants to talk about, but discussing all possible 'worst case scenarios' up front with a potential partner can help you avoid some sticky situations. it also provides all parties with peace of mind, which allows for way better business decisions to be made.this is not legal or financial advice; this is a suggestion to talk with your insurance broker and see if this would suit your partnership's needs. and remember: partnerships can take any form!

Cash flow can quickly be wiped out if you have tenant turnover or unexpected repairs.

Any unexpected repairs will put you in negative cash flow.

Purely by accident How did you finance this deal?

They are terrified of unexpected expenses they can't budget for, of smaller problems becoming bigger and bigger problems that they can't handle, of the responsibility of doing regular maintenance and the task of learning how to do it, of the complexities of getting a mortgage and dealing with interest rates and payments, and all in all, "they can't even."

None of it was by accident.

Do you and your partners have cash reserves for unexpected repairs or loss of tenants? 

You need to have something in reserve in case something goes wrong - and you need money for repairs or have an unexpected vacancy and need to cover your monthy debt and tax expense.As far as having too many loans, it is all based on your income and debt ratios, but you can do upto 10 conventional loans under your name.  

I sorta fell into this on accident, and I'm really in over my head.

My intention in purchasing was to brrrr, but after a multitude of unexpected expenses (including an electrical fire) and a contractor that abandoned the job I am absolutely tapped out of funds.