My K 1 reflects distribution after expenses have been deducted.

Although the city has improved tremendously, basis now reflects that and it is hard to find "deals".

it is reflected in my offer.

@Andrew Postell, I pulled it off the GRM site, which may not have updated ratios: "DSCR loans require borrowers to meet a minimum DSCR threshold, typically around 1.25...." https://www.rate.com/resources/what-are-non-qm-loansI spoke with a loan officer who said it may be lower now to reflect the market, so you may be right, but I am awaiting the approval and don't have the final ratio. 

This person would essentially be instrumental in putting the entire deal together.Given the significant role this individual would play, I'm curious about how their involvement is typically reflected in the closing documents, if at all.

That is because the amount of cash flow a property yields is a reflection of the risk of the underlying asset or market.

I'm all about taking action, reflecting in short bursts, and adapting on the go.

It may not cash flow today, and you hope it does in three years and are banking of high(er) appreciation but then your taxes & insurance are going to reflect that too.

Without knowing the market I'm passing on this deal if the condition doesn't reflect reality. 

The virtually equal sale to list ratio of 0.985, which represents fair negotiations and opportunity for both sides, reflects this balance.