Gives you time to go do more deals and get more contracts accepted for the next one. 

While your partner accepts more of the cash from the sale of the FFE and the associated tax bill.This might take some accountant massaging. 

I just can't accept such a constant ever increasing loss, even if I can afford it. 

I agree with Michael, probably need to make 100 offers per 1 accepted to find a good deal. 

For this deal to work under those conditions, the purchase price would need to be closer to $179k.With your original assumptions 249k, the deal is marginally acceptable but not great, given the negative cash flow in the early years.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

A shower is generally acceptable as long as it meets building code requirements for plumbing and drainage.

@Madison Sloan All depends on what you're willing to accept and if you can get approved for a loan now or not.

If she accepts the offer, make her sign and you both get a copy."

Work with someone who can guide you or just accept that your tuition will be paid through making some costly mistakes which is also legit if you can afford that :-) Good luck!