Some of the larger expenses-Interior/Exterior Paint, Storm shutters for a few of the front large windows, added additional cabinets to one unit,  New refrigerator from Dent/Scratch store after old one died,  Laundry units that tenant pays +$50/mo for etc. 

You could charge a small amount to begin with and if you find evidence of them smoking inside there could be larger fines. 

You do not want to ever treat tenants like they are special people.

This unit is a condo in a larger building.

Or can i afford a "special assessment" for what ever reason the condo association needs one if i buy a condo.Good luck and take care.

A standard partnership agreement should work fine especially because (my assumption here) that you won't have the 50+ investors typical in larger syndication deals. 

I was thinking it would help keep my stress levels down compared to a larger investment.

I just don't want to be too conservative that I don't ever get into a deal.

@Ken Lagana have you ever considered commercial property or alternative use land to diversify the market effects on your portfolio of holdings?

This family had a great credit score - I believe the highest we have ever had  Horror #5: bi-polar neat freak.