Change out everything you can from faucets, water supply lines, toilet tank guts, and other possible future problems.

Renters supply the appliances, which they would take when they move out.

If there were 5 rentals out of 10 listings, that’s a 2-month inventory of units. 2 rentals out of 10 listings is a 5 month supply.

On a crazy note, over the weekend we found a shed on the property filled with bomb making supplies!  

However, the demand for small (3-4 unit) multifamily of DECENT QUALITY far exceeds supply.

Haven’t looked into Fredericksburg much but what’s the multi family supply like there?

The US added 20% more available dollars in 2020 and that money has to go somewhere.https://www.cnbc.com/2020/08/05/the-ballooning-money-supply-may-be-the-key-to-unlocking-inflation-in-the-us.htmlRelated question...

The supply here is super low though!

Would 60/40 or 70/30 be more fair until they can supply 30% of the property purchase so we're sharing some more risk?

I suspect, like most things, supply and demand has some impact.