The properties were renovated very poorly, items were missing from the scope of work.

Certainly learning a bit how to spot the for sure items like the '50s 8 inch square floor tile with the associated black mastic, the heating ducts covered in thin white "insulation" as well as attics with the vermiculite insulation gives you a running start by knowing you have to add funds to rehab budget.

If you want to, I would recommend reading this article I wrote that has some more tips on it: https://www.biggerpockets.com/blog/2014-12-23-investing-out-of-state-essential-items-to-vet

My strategy for this deal was to take on responsibility for the POS items, offer no contingencies (after my agent and contractor visited and took video), and all cash.

Hypothetically if it all went into this park and your partnership had a cash call for say a big maintenance item like a septic tank failed, you can't just fund it from your personal checking account.

Buy a nice, newer home in a solid class B neighborhood and take care of large items up front, if necessary.

I wrote an article about it a while back you might find helpful: https://www.biggerpockets.com/blog/2014/12/23/investing-out-of-state-essential-items-to-vet/

Look at personal guarantees/corporate on the lease and business updated financials and personals on a quarterly/biannual/ or annual basis.There are tons of other items to look for.

The MPP Formula requires you to itemize your Fixed Costs (instead of just simply applying 15% of the ARV).  

Construction estimates are a sum of all of the items to be repaired or replaced, both major and minor.  2 houses side by side may be completely different.