I tried using rentometer and craigslist and i am guessing the rental amount. constructive criticism is much appreciated and your rationale.

My only advice is no matter what the 401k custodian says make sure you consult with a tax professional so you withhold the proper amount. 

I have a good amount of money set aside in assets that was given to me by my grand parents, roughly $250k.

Realtor.com has an overlay when looking at listings that shows the amount of crime an area has, it is broken down by city blocks in many instances.

Since we both have different amount of money available to us to invest, we'd like to structure the partnership in an equitable way so it is a win-win for everyone.Let's say we all put in $50,000k each into the LLC as starting capital.

The projections your bank will make and DCR they require, tends to push your loan amount down.

In my market (and many others) if you do a certain amount of work to a property than you have to bring the entire property up to code.

Any interruption of Tenant’s use and enjoyment of such appliances shall not constitute “constructive eviction,” nor form the basis for any defense, set-off or counter claim by Tenant.Tenant agrees to pay as additional rent an amount of no less than $200 per visit or the actual cost of service invoiced by a third party plus $50, whichever is greater, if a tenant-initiated service visit is performed and the request is deemed to be frivolous or without merit.Charges for service/repairs performed where the tenant has been determined to be liable/at-fault for such charges by [Landlord/PM] shall be due and payable in full upon the next rent due date as additional rent.No smoking is permitted on the premises, including outdoors within the property's limits.

Pearland has seen a significant amount of newer housing growth in recent years.

It would be better if you take it to small claims court (assuming amount is small enough) and get a judgment.