Not trying to be a jerk but trying to save you from wasting a lot of time.

I was thinking I could consider the savings in down payment as his contribution to the deal, and allocate % ownership accordingly.  

I just want to maximize what  I can pull out.

I found that really interesting because  I thought all those syndicators were saving up money to cover those costs.But, keep in mind that is syndicators and they are looking to maximize the returns to their investors.

Currently, I'm depositing my reserve funds into a generic savings account.  

My girlfriend and I have stable jobs with the government and we max out our retirement accounts (TSP, Roth IRA, HSA), and we’re now looking for ways to deploy our extra, after-tax savings.

I'll still cash flow in the SFH with the bumped up mortgage.My current terms are 4.85% I'll be able to pull out $80,000 cash, which I'm hoping to couple with $19,000 of savings to purchase a duplex in the same market.

Hey @Anthony Polcyn - smart of you to think about asset protection and tax savings.

Some say asking if the owner is willing to sell is soliciting and others say it isn’t so I was airing on the safe side but either way doing a bulk slip trace would save me some time. 

The property is a 5 unit building with the following information: Rental income is $4,000 per month or $48,000 per year totalTaxes are $375 per month or $4,500 per year (this is higher than current but factoring in that they will increase)Estimated insurance is $200 per month or $2,400 per yearExpenses: Vacancy 8%Management 10%Other expenses Landlord pays water at $400 per month or $4,800 per year Realize this could be a cost savings in the future, but want to analyze as isGeneral maintenance (including minor repairs on property) including grass and pest control estimate at $300 per month or $3,600 per yearCapital reserves for Cap ex (appliances, windows (52 windows on building), roof, siding, etc. which I based on building a capitalization table based on useful life of items and number of units) at $460 per month or $5,520 per yearLoan: All in after down payment the loan would be for $300,000Assuming 7% interest rateAmortized over 20 yearsThus comes out to $2,325 per month or $27,900 per yearSummary Income Per Year:$48,000Property Exp.