Dues often eat the profits. 

Plus, it is a deduction for the partnership, so you're not eating 100% of the cost as it's a deductible expense.

Over time I expect the R&M will eat away your CF, but even if it doesn't you are one non-paying tenant and or a significant repair away from needing to sell yet you will owe 2X the actual value. 

In the short term though, I think this could eat some of the cash flow.My plan B would be to continue to live in the property for more than 1 year if the market continues to be weak and I struggle to increase the rent enough to make the property profitable.Do you think this is a robust plan?

The government cant force every LL to become lenders and eat the lost rent and spread the return over a 30 year loan. 

The reason why I’m asking, is because I’d like to be the banker and eat up the interest on one side, then use the interest paid by the tenant on the other side for tax write offs and cash flow?

If 401k does not allow loans, you still may want to contribute so you are not putting all your eggs into the real estate investing basket.

You must kill the goose that lays the golden eggs to survive.A real estate portfolio is definitely an income source, assuming you are buying cashflowing properties. 

If 401k does not allow loans, you still may want to contribute so you are not putting all your eggs into the real estate investing basket. 

An Exchange Accommodation Titleholder or EAT would enter into a 32 year ground lease for the land that you want to build on.