I have learned to count my money once a year, not once a week.

That's what I was counting on and then I did a quick look on credit karma and my credit score dropped 200 points. i don't think they will make me wait due the time they've been rented.

He might offer to put up some of his own cash in the deal but I wouldn’t count on it.

I put a small downpayment in and took a private loan (for the 25% ownership) from them that I'm paying back w/ interest and somehow we structured it to count as income for them produced by this same property...

1) I use 3 times the rent to be eligible to rent  this is a HARD number and I don’t go below it ever  because it is 1/3 the gross salary of the individual which is customarily the amount recommended for owning a home or any budgeting classes or lecture or anything   So for me this is the pass fail item   If I can not verify the amount then it doesn’t count as income  2) I use 600 for a credit score minimum in my advertisements, however my tenant pool is typically 525-600 scores.  

If you are the majority owner of the LLC then that should count as your seasoning. 

I wouldn't count on the payments making you safe.

The 50% rule includes the property tax and insurance in the 50% (everything except debt service) so you appear to have double counted the property tax and insurance. 

You will not recoup PMI so make the cash on hand count.

Example: Purchase price, vintage, unit count, type of asset, etc.