I recommend having 10% because there is a high likelihood you will deal with some maintenance issues, possible vacancies, etc.

Make sure the fence is in good shape prior to move-in and make the maintenance the tenant's responsibility, just like lawn-care. 

Curious what maintenance is like?

You may or may not be responsible for taxes, insurance, and repairs, commonly referred to as single net or double net. 

This is a pretty common practice. 

However, inventory remains in incredibly tight, with only 1.5 months of inventory in Austin and 2.2 months in the greater Austin area (a balanced market is 6.5 months).Steve Crorey, 2018 president of the Austin Board of REALTORS®, said, "Historically, it’s common for some homes to be on the market for 50 days or more, even in markets with strong housing demand. 

I told him to go through his insurance as the tree was in good standing and I was never notified of a problem, as well as me clearing out the whole lot last spring and having pictures and proof that I did my maintenance.

Is there a cap3) maintenence and repair cost for tax deduction4) mortgage insurance, pmi, mortgage interestRegardsSuhaib

The best way to do this since it is a one off deal is to buy the property as tenants in common, your LLC as 50% and your partner as the other 50%.For me, coming in to an existing LLC as a partner means I am at risk for any law suites, etc you may have or may have coming against that entity.

This is fairly common.