If you end up with a taxable rental you don't want to get into a position where you are being allocated income, paying the income to your partner, and not having any cash to pay your tax.Many things to consider.In any instance once you come to terms you should invest in a solid operating agreement. 

For instance, 5200 is technically Merrillville, but closer to 8100 is near mall stores, etc.

Both are inevitable, but because I know this, helps me to constantly research and be proactive in trying to see what I may have to do before it's too late.I'm not too knowledgeable about the DFW area, but I would also keep an eye out for it's future industries.For instance, if Oil is one of those industries in the Energy Sector, then knowing how oil is being affected by thinks like Peak Oil and competition with renewable energy that is not already located in your area which keeps the economy going, I would certainly stay on top of that.

My sheet also states the application fee is non-refundable and they must sign it.In your instance, I would send them an email asking more specific questions and provide more docs.

We also dont expect to charge the full amount in all instances.  

Real estate requires some money in pretty much every instance from wholesaling (advertising) to flipping to rentals.

So it's similar to your situation.For instance, I owned a triplex, with a absentee owner owning one next door.

For instance, job market is +4.5 in this region and -1.2 in this region.Thanks for any and all help!

However, there are some instances where you can lease the truck to your business. 

Get a smart tenant rep who can craft a lease that protects your upside. for instance, you give an option to sell at the stated price or market value, less $50,000, which ever is higher.Great tenant, bad terms.