What are the benefits of being managing member on MF deal?

[Cliff T.]

Hi all,

My investment partner and I are in the process of closing on a 20-unit property and we're going through LLC entity formation & loan application with Fannie/Freddie. My investment partner is putting in most of the equity and I'll have ownership of ~20%. To be a managing member, I'll need to submit a bunch of paperwork (e.g. real estate schedule, bank statements) and have my credit pulled.

What are some of the benefits of being a managing member (with a small equity stake)? Should I even proceed with being a managing member?

To be clear, if I do not proceed as being a managing member, I would still have 20% voting rights for any major decisions that need to be made.