If I were in your shoes, I would describe how much each people in the JV get paid, and who is responsible or in charge of doing certain things.  

And with what you have described you are doing just that. 

You described a room.You might lead with the photo next time.  

My opinion, the world you describe would be just as likely lead to disaster for RE investing as being good for it esp considering how RE is not portable and almost impossibel to get out quickly compared to other assets. 

Here is a good article describing the breakdown of Capex and how much to estimate for it (https://www.biggerpockets.com/renewsblog/2015/10/1...).Property Taxes – I didn’t see you mention this in your breakdown.

I hope this helps.86.752 Foreclosure by advertisement and sale.A trustee may not foreclose a trust deed by advertisement and sale in the manner provided in ORS 86.740 to 86.755 unless:(1) The trust deed, any assignments of the trust deed by the trustee or the beneficiary and any appointment of a successor trustee are recorded in the mortgage records in the counties in which the property described in the deed is situated;(2) There is a default by the grantor or other person that owes an obligation, the performance of which is secured by the trust deed, or by the grantor's or other person's successors in interest with respect to a provision in the deed that authorizes sale in the event of default of the provision;(3) The trustee or beneficiary has filed for record in the county clerk's office in each county where the trust property, or some part of the trust property, is situated, a notice of default containing the information required by ORS 86.745 and containing the trustee's or beneficiary's election to sell the property to satisfy the obligation;(4) The beneficiary has filed for recording in the official records of the county or counties in which the property that is subject to the residential trust deed is located:(a) A certificate of compliance that a service provider issued to the beneficiary under section 5, chapter 304, Oregon Laws 2013 (Enrolled Senate Bill 558), that is valid and unexpired at the time the notice of default is recorded; or(b) A copy of the affidavit with which the beneficiary claimed, under section 2 (1)(b), chapter 304, Oregon Laws 2013 (Enrolled Senate Bill 558), an exemption that has not expired;(5) The beneficiary has complied with the provisions of ORS 86.748;(6) The grantor has not complied with the terms of any foreclosure avoidance measure upon which the beneficiary and the grantor have agreed; and(7) An action has not been commenced to recover the debt or any part of the debt then remaining secured by the trust deed, or, if an action has been commenced, the action has been dismissed, except that:(a) Subject to ORS 86.010 and the procedural requirements of ORCP 79 and 80, an action may be commenced to appoint a receiver or to obtain a temporary restraining order during foreclosure of a trust deed by advertisement and sale, except that a receiver may not be appointed with respect to a single-family residence that the grantor, the grantor's spouse or the grantor's minor or dependent child occupies as a principal residence.

Although there are good opportunities in small pockets of the city, I don't recommend out of area investors putting their money their, you could end up in a situation like Saul described.  

How would you describe the population in the neighborhood? 

From what you describe, you have a break even situation.  

Before I describe what "can" happen - regarding the eviction procedure - follow the law.