So, the actual increase to market rent will be much lower.

At least ones that will walk the property with you and give you an fair estimate. 

He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

Despite if it works and or what anyone says... arbitrage will always  have a special place in my heart since it was what got me started in this RE game. 

I  Income:  The amount of property you can buy will be dependent on your Debt to Income ratio.  

This will also change from community to community.

As far as the vacated tenant, I'd let them know that their deposit will be returned when the lease is legally over, assuming it is not used to satisfy missed rent. 

As the success of PHX continues, Tucson will follow suit. 

While it will not reduce the actual cost it will help with the monthly cash flow.I am curious if this was a single-family house converted into a double.

I am looking into purchasing a STR in a different state and was wondering if you would be willing to give me some tips you learned along the way?