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The amount reported in box 1 is the share of the ordinary income (loss) from trade or business activities of the corporation.
If you are wanting to know if he would have the ability to meet the rent obligation, tax returns and tax forms (like a K1) are not designed to provide a clear picture of cash flow. Instead, tax returns report taxable income and deductible expenses.
You can accept his proof of business income but a poor personal credit history could indicate a cash flow problem (or if there is no problem) better.