Also any recommendations on how to avoid these frequent repairs?

You also avoid short-term capital gains by keeping the property one year and a day.

We avoid all tank gas systems if possible or plan to covert in the future.

One source of cities to avoid is Neighborhood Scout's 100 most dangerous cities.Disaster Risk - Some parts of the country suffer frequent natural disasters.

Duplication of duties are a big no no to avoid resentment if one feels they are working harder than the other etcIts not all doom and gloom i know.i have lots to learn from those who have successful partnerships

Personally, I'd avoid something this rehab heavy for a first deal.  

This will also help you avoid any discrimination claims or lawsuits. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

It would be nice to work with these tenants, avoid turnover and a potential vacancy gap, etc. 

We still have a small mortgage on the property but obviously won’t have one on the REIT so my question is this:  If we wait and let the mortgage get paid off at closing  can we add personal funds to allow us to buy shares equal to our sales price to avoid the boot and paying capital gains and depreciation recapture?