If you are also doing the same with electricity, you must also consider that in your calculations.  

Any best practices, formulas or worksheets to help calculate MAO's in these kinds of scenarios?

@Dwayne WheelerHello Dwayne, Best suggestion, that I just learned is use the BP calculator.

Is there a way to take cash out but distribute it to partners over time to reduce taxesCash distributions are typically not taxable unless they end up exceeding the basis in their shares of the entity.

I recommend still running hard numbers to calculate the exact amount of expenses.

It should also be important to calculate rent.

Here are our assumptions for purchasing a car:You want to buy a car that costs $40kThe car will depreciate at a rate of 15% per yearHomes in your area and rental rates each appreciate at 2% per yearYou can get a 5-year car loan with no down payment for 3% APRYou can get a 30-year mortgage on a 200k property with 20% down payment for 5% APRYou can reasonably expect 10% cash-on-cash return from 20% down on a $200k property with the seller to carry closing costsFinancing vs. cash purchasing is not necessarily as straightforward of a calculation as you might think.

I have an opportunity to purchase the MAJORITY of a townhouse complex in Fort Smith, Arkansas but still don't quite understand how to use the analysis calculator to determine if it's a good deal or not.

Here is a decent calculator:  http://www.bankrate.com/finance/mortgages/when-to-refinance-your-mortgage-1.aspx

Does the sale of part of your residence count as regular taxable income, or can it be taxed at a lower rate than my regular income?