Based on your explanation, it looks like I fall into category 1 since I plan on repeating this strategy at least 2-3 more times.  

With this method, we can be confident that our conclusions are based on thorough research and impartial analysis.

i bought a home warranty once and never would again. they rarely have things taken care of in a timely manner, which can be fine for your primary in some cases, but not for a rental. and the companies they contract to do the work, are getting paid pennies on the dollar for those jobs based on the deal they negotiated, so they're in NO rush to get out to you. and like any insurance company, they do all they can to get out of stuff. it was a waste of not only money, but also time and energy.

idk, i feel like there are necessary details missing here. but i'm also wondering if it would make sense to just reallocate the percentages based on what each person is bringing to the table. it would've been easier if you did have an LLC whose operating agreement you could just change. there's also the 'lazy' 1031 or 'reverse' 1031 where you just make the sale, then strategize with your cpa on how to offset the cap gains for that year. also worth noting: 1/3 of something is better than all of nothing. it sounds like it's not really that partnerships aren't working, it's moreso that you feel like your % is no longer fair? 

Alternatively you could do the same as above except you borrow your partner the other 4% to make you 50/50 partners but use a pro PM.

I'm assuming based on his post that this is in Modesto or Merced.

Would it be beneficial to wait for the "home run" or to use different parameters and get a "base hit".

Hello,I'm new to this community, and value the knowledge base here!

I am not directly working with him (I am based in Boise, Idaho) but have connected him to a solid lender and a investor friendly realtor. 

Rough areas right around the base.