How is the current market in the Kansas City, MO? 

Sure it has potential for cash flow, appreciation including forced appreciation, tax benefits, mortgage pay down but in most markets it is the leverage that accounts for the significant return.  

It’s important as a limited partner to be sure that the sponsor/general partner is qualified and that the deal and market are a fit as well.

@Jesse Santos, if this rental is in NJ then the 1.5 months security is the MAXIMUM allowed by law.What is the typical security deposit for a rental of this type/quality in your market?

I do not want to put money into stock market right now.

If so, and if your HOA allows, you could market this as a mid-term furnished rental and charge a premium for rent.

Most seller's will not give out cash for keys under contract (in my market of Chicago).

Was it available at a good price or did you get it off market?

I appreciate your thoughts and am absolutely keeping an eye on the market, resales, etc.

I personally am located and invest in the Colorado Springs metro area and would advise that you may not find many BRRRR opportunities on-market and will have to do some work to find these deals off-market.