As you can see from the below metrics, this deal doesn't produce enough income to substain the expenses and mortgage which leads to the negative cashflow (meaning you will be paying the investment each month).

Just remember: most negative reviews are written by problematic tenants.

I am leaning towards this particular plank as it's about $1/sq ft & believe it should last a few years and look good, but don't want to put it in if people's experience has been negative with it. 

Piercing the corporate veil could be argued in court and could negate the liability protection that you pay for with an LLC

Do letters of intent from an investor really do anything to negate not having those requirements? 

If some tries to smear on some deprecation lipstick and convince you the "negative tax" on a crummy rental is a benefit, run away.Don't forget about depreciation recapture tax.

They're breaking new(er) laws, causing new(er) laws to be written and are the very reason why a lot of negative media coverage happens.

Second, all the tax depreciation benefits and write offs are negated when you hold rental property within an IRA.

Is it worth the negative cash flow on day 1 to get a positive cash flow over time?

The most important aspect of this form for you is paragraph seven, copied and pasted in its entirety:“No warranties on PCR, MLS or appraisal information.