Set that number first and work backwards. 

I worry that by accepting what the tenant mistakenly thought the rent was would set the wrong precedent, but then again, won't have the vacancy issue. 

What if you get this property, only have, at most, $2,000 set aside for any expenses and then there is a massive pipe burst issue and you have to do some major repairs?

But that's my story and we're all wired differently with different interpersonal and communication skill sets.  

No additional charge for vacancies, set outs, and they do not take first/last month or anything.

The operating expenses above though look awfully low for the year, almost as if vacancy, maint and Capex savings aren't accounted for.Can anyone help set me straight... or is this actually a bad property (at its current list price)?

Set up the ownership percentage up front, what each is contributing and the roles of the partners. 

The operating expenses above though look awfully low for the year, almost as if vacancy, maint and Capex savings aren't accounted for.Can anyone help set me straight... or is this actually a bad property (at its current list price)?

@Gary Harris I would very much like to meet up and see if our goals are similar. send me a PM and we can set up a time and place to meet.

Since I can't locate and set fire to the offending unit, I'm hoping there are preventative steps to keep them at bay.