Second, some landlords argue that they still like to issue these forms to "stick it to" their previous tenants under the assumption their ex-tenant will have to pay taxes on this forgiven debt. 

Before I read this thread I would have thought the same thing, but after testing that assumption, it turns out to be incorrect, at a high level they are correlated, and relatively strongly. 

But by the 1950s, such pipes were almost all made of galvanized steel.Technically, residential drainage piping has to be sealed and rated to 5 psi, but in almost all cases, it will be completely functional even when slightly corroded with minor cracks.Of course, this is only one photograph, and I'm making a few very minor assumptions here, but it sounds to me like this plumber might be telling you it would be a wonderful idea to replumb all the drains and the stacks and charge you serious big bucks for it.

The partnership agreement covers all of your questions and I would specifically make sure to CLEARLY outline a buy out strategy to include what to do about profit, equity, assumption of mortgages (if possible), etc.

You could buy just about anything and rising rents would make it cashflow.STR's have also spoiled investors, but that "party" will also be challenged in 2023.Read anything from experienced investors and they ALL say the same thing - you may have to make "low-ball" offers, that make the deal work for your criteria, on a hundred properties to get one of your offers acccepted.You also need to understand the differences in property Classes, so you don't get scammed into buying a Class C property by someone using Class A assumptions & numbers.So, how many offers have you made so far?

I am not entirely sure where FHA limit is for you in your local market but my assumption is that it's very high compared to the rest of the country.- If going FHA, anything 3-4 units utilizes what's called the "Self-Sufficiency" test for lending requirements.

Let go of wrong assumptions.4.

Perhaps all my assumptions here are incorrect from the get go, is there anything I'm missing?

When you look at your BP Calculator for the deal, will you have built equity over 5 years with conservative appreciation assumptions for your market and tenants paying down your principal?

This still costs you less that buying at market price on the MLS (I'm making the assumption that offering <80% of asking price on the MLS won't get accepted).