I will say that I may be spoiled in the Midwest as we can buy cash flowing properties fairly easily. 

This would be important to know because appreciation would come into play if you plan on selling after a few years.

I am aware of what I got myself into and the price is fair.

The right thing for Tenant B to do is start paying his share by splitting the water bill.It sounds like he will refuse, so you move to Plan B and tell him that because he refuses to play ball, you will not be renewing his lease when it ends.

Damages look fair, we will need to do lots of re-painting (they painted loud colors on most of the walls and wall papered 😂), lots of holes, and some minor wear and tear that we anticipated.  

Play the “what if” game for a while to understand where each of you stand on certain topics.

Attn Allentown PA Investors, Do you really believe in the NIZ, is Allentown stuck in the mud, and do you think people in Lehigh Valley actually would want to live/work/play in downtown Allentown?

Therefore - your liability should be limited to the amount that you contribute to the partnership/LLC.Whether you feel 50% is fair or if you should be entitled to more depends on what each person is bringing to the table and what his/her level of experience is.The more experience a person has the more leverage he/she has to demand a higher percentage of the profits.A general contractor/property manager with 20+years of experience likely has more leverage than a contractor who is just starting out.It also depends on what you require as a rate of return.

Finding a quality PM and paying them a fair fee for their service is a big part in that if you don't want to do it yourself.

I wanted to ask for General Contractor referrals, could anyone please recommend a trustworthy, fairly-priced general contractor in the Houston area?