Does anyone have rough partnership docs they would be willing to share or example docs available online to sift through to help us think through the issues?

Does anyone know of any GC's with an online presence that are regularly posting content to their website? 

My rule of thumb, estimate 10% of the total purchase price as closing costs.

In reality, don't you have to recover the total amount of current cash spent from the cash flow before you can say you are ahead?

If I find a property in a strong market that makes $100 a month, put $15,000 into it to add value, hold for 3 years and sell for a $40,000 profit my total gain during that time is $42,400 not taking loan paydown, tax benefits and other potential income into account.If I find a rural property or a property in an smaller metro area that makes $250 a month, invest the same in repairs, hold for 3 years and only sell for a gain of $15,000 my total gain is only $21,000. 

This may not always be the case as you do not know under what conditions a city assessor may calulate a property's square footage and real estate agents are allowed to use assessor's figures in their quote regarding total square footage. 

It looks like the total cost after testing is about ~425$.

43 total units for 1.8 million-  Northeast Ohio, and hour from Pittsburgh and an hour and half from Cleveland6 six-plexes and 1 seven-plex C to C+ properties in a B locationBuildings will need roofs over the next 5 years, but no other major structural issuesIt appears to us that rents are at fair market value for the area, so there would be little room to adjust them upBuilt 1988-199027 units are one bedroom, 16 units are two bedroomWalking distance to several nice restaurants, gym, fast food, bank, multiple other commercial businesses.

My objective with this landlord policy is to protect my investment, whether there is a partial loss or total loss.

In this case, about 29% of the rental income will be used for expenses on top of your mortgage and taxes (2,600*0.29) = $764 total expenses = 2,000+764=$2,764.