My business partner and I are trying to decide how to split up the partnership in terms of percentage.

My question would be whether the covenant says you can only charge a rent figure based on a percentage of area AMI or whether you can only rent at a rate based on a percentage of AMI AND to someone at or below 50% of that figure. 

I would say a small percentage maybe around 15 to 20% are upgraded construction in strong suburban core type areas.If they are not that great then WHY do people buy them?

I understand that with no experience their money would get them a larger percentage but what is reasonable?

One thing I do know, is that the owner will want a higher percentage rate than the rock-bottom rates that conventional lenders are offering.  

Also a large percentage of hosts are not professionals, they are just the grand-ma type doing this from time to time in one property, so they'll just follow the platform's policy, etc.... 

With the non-recourse loans in commercial multifamily come variable interest rates, balloon payments, etc, in much higher percentages than what you are likely to find in the single family and (extrapolation) the small multifamily markets (1-4 units). 

You could always create an LLC between you and your cousin... just determine ownership percentages (ex. 50/50).

@Bill Rich As far as I know, the HID “$100 down” is only on a very small percentage of HUD homes, and is advertised as such.  

@Wes Barnes - ROI is calculated as a percentage.