Usually they ask for little things that are not expensive.  

When I factor in insurance and property tax my monthly expenses add up to $950.

        Your cabins are or are not profitable, accounting for property management and your deductions as an expense? 

Problem is that it's expensive like California and New York. 

I would rent and not have a personal loan on your own house should be that all of your monthly expenses  plus a million dollars are in your savings account. 

I know...it's pretty expensive and I cringe every time...but I got the property in a hot market at the last minute!

You’re not even meeting the one percent rule and I’m guessing a bunch of your expenses are under estimated.

We are now going to partner with another couple and not sure if we should do another LLC and file S-Corp or if there is an easier (least expensive/tax advantageous) way to structure this deal.

And if you end up putting any additional capital in to cover budget overages, that capital would also have interest paid back on it.What this all looks like when you sell the property: calculate your net deal profits after all your expenses like usual.

Do I wear expensive clothes?