Most importantly... electric is a tenant expense whereas gas is generally a landlord expense (especially on conversion units).

Expenses to fix up and fill vacancy on me.

(They are already arguing over who its entitled too) I'm just hoping to come to an agreement that doesn't end with an expensive eviction process or serious property damage...

I was referring to starting a property mgmt company to be able to expense things such as travelling to and from properties, equipment purchases, etc etc.

Let's say that in the best case scenario, you have no vacancy (unrealistic) and the operating expenses are 30% of the rent (maybe?).

**Generally you will get 2 types of properties here - really big homes that are expensive or really run-down properties that are selling for cheap.  

That means find a house where there aren't going to be any hidden issues with very expensive things (i.e. foundation, roof, mechanicals), and get a good inspector to make sure they agree with your assessment before buying.

Expenses: holding costs such as utilities, taxes, insurance, lawn, snowCity fees - permits, potential fines and assessmentsLending fees if anyI would get an attorney involved and write up a partnership agreement that you're both ok with.

I speak from painful and expensive experience.  

This rent covered all expenses on the 15 year mortgage, insurance, and HOA fees with small profit that got eaten up on paper by LLC expenses, depreciation, PM and accounting fees, etc.