They also tend to have elevated levels of deferred maintenance.

Conversely, you might find a property that appears to meet the 1% rule, but is in an area where you'll need property management and that is going to experience high turnover, and that needs lot of repairs from deferred maintenance.Hope this helps. 

I am pulling together a business plan as I am interested in partnering for the first one or two properties and want to present potential partners with enough clear and accurate data that they can make an informed decision.

It should be—make no mistake, there are many people who have “lost it all” making bad real estate investments, both from poor decision making and market forces.The primary difference is that in a syndication you can suffer a loss as a result of bad decisions and fraud by the sponsor in addition to the risks of loss present in direct investing.  

The good news is that if someone has a record and is going to be a problem in the present their credit and/or income to rent ratio probably isn't going to be great either.

Just be attentive and present. 

He/she should be able to walk you through the process.Regards what you need to buy back to defer 100% of the tax.

Looks like vacancy, repairs, and CapEx could be higher, but I don't know how old your property is, how much deferred maintenance there is, etc. 

Im very capable of doing lion share of renovations myself (not working at present). 

As long as you purchase at least as much as you sell and you use all of the proceeds in the purchases you will defer all tax.