If the partnership is set up using an LLC then the LLC would issue K-1's based on the ownership percentages and it includes guaranteed payments to partners for loans. 

But err on the side of too much money set aside for repairs.  

Your left with $11,800 of which you can set aside for vacancy plus maintenance and cap-ex.

Although, I have set expectation and train tenants, this one is just too much trouble that doesn't allow me to do my job.

Is the $100,000 all your savings or just money you have set aside to invest?

If you set it at $1.50/cycle, how much are you really making?

This home is mostly surrounded with roof top condominiums each selling for $550k.  

In 27 years that's 2 AC units, 4 water heaters, and maybe 2-3 sets of appliances?

You're setting me up for failure.

Further compounding this problem, a large percentage of the population with dual income have a significant other who also comes with their own set of money baggage… I mean… habits that are often no better than their own.Have an open mind when I say this,“we were raised by aliens.”