Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

I am being told in a specific instance that copies of leases are not provided to owners because the legal binding agreement is between the property manager and the resident.In this case, I would have zero visibility on the nature of the lease terms, as well as who is responsible for certain costs borne (utilities, etc)If this exclusion to owners is allowed, what is required in terms of document retention in the case of termination of relationship?

As a pure investment it looks okay, but with a primary residence for my family thrown in at zero additional cost, it looks really really great.  

For the cost of filing fees and service fees you get someone with the wherewithal, authority and motivation to fix your problem.

Explain the potential damage and costs involved with the water running continuously and put it in writing letting him know that he is not to touch the chain again, that if he needs service that he should notify you and you will take care of it.Additionally, there are devices you can get that will alert you if your toilet is running.

Can it still qualify for 100% cost segregation?

Every item has a lifespan and collecting maintenance/replacement costs should start as soon as an item is put into service.There are lenders that will provide HELOC on rental properties but they are not extremely easy to find.  

However, that requires us to dig down the basement floor to meet the ceiling height requirement (it's got the egresses and 2 exits already), and I think that can easily cost us $100-120k.

A bad tenant will cost you much more than that.

So the partnership would be to split the down payment and other fees, redcue capital expenditure risk in the future, and we would like to do some work on the basement & backyard which is also going to cost capital.