Much of the time the equity is split anywhere from 60/40 to 80/20, with investors receiving the larger portion.

Further renovation will be negotiated if we find a tenant interested said portion as an art studio (option to convert to live/work mixed use space) to pay the land contract for the next 2yrs. 3-5yr plan: potentially keep previously mentioned small portion as a rental for income/ reno budget.

If the owner is paying for any portion of it, I write a specific dollar amount and that is a hard limit.

What can be deducted- prorated expenses based on the square footage of these expenses or other reasonable method (usage) can be deducted:  Mortgage (If you use these expense as home office deduction, you cannot take the same portion of the expense as itemized deductions.)

If you were to buy it, at least a portion of your monthly expenses would go to paying off principal, and you can take advantage of the tax breaks for owning property, and market appreciation.

If you are going to use property management, you can ask them for their assistance for the inspection portion.

I just want to make sure once I receive my portion, I’m not missing anything.

On your sellers note does it stipulate that a portion of the rent payments would go towards the principle purchase price? 

If you work through all that, then a portion of the rent each month will come from the tenant and a portion will come from the housing authority.  

Your principal and interest portion of your payment will stay the same....however your taxes and insurance can go up (and though less common, can go down too).