If any of these do not pan out, the turnkey company feels the weight of assuming that risk. 

If you weight your analysis by:  1.

Some items might hold more weight than others, but you guys should sort through that together.You also might just do the partnership deal by deal - sometimes jumping into a partnership before you have officially worked together is NOT the best idea...

How much weight do you give to the cash flow benefit of cheap debt when the property is priced above market?

It does however give you a degree of independence to choose what you want to do.As your portfolio grows you'll also feel the weight of future capex responsibility more, which ironically points you to growing more cash flow through more real estate.The other issue is that you are chasing a moving goalpost.

@MIchael McCUe   I get it, it feels like an incredible weight that you could easily lift with bankruptcy.

Once you've identified what's important and what ratios to look for to evaluate a property, all future deals should be weighted against those "good" ratios/numbers - and periodically adjust to suit your goals.

Beside investing their own cash on the same terms, the sponsors return should be heavily weighted toward “carry” (receiving the bulk of their return as sponsor in the form of an interest in the property rather than cash) with that carry subordinate to the investors receiving their investment returns PLUS a minimum annualized return.

But I will say, it is often very nice not having to lift a hammer on those LP deals I'm in haha!

Ask for its breed, weight, and name, and have them attach a picture.- Make the application part of the lease, with the stipulation that if they've lied in the application or in the lease, they can be evicted.- Tell them they have to provide documentation of the animals service / emotional support (as allowed by your local ordinances), and that they have to provide documentation that the animal is current with its inoculations, etc. as well as its local license before you'll permit the animal in the unit.- Tell them they'll have to provide you with a copy of their renter's insurance naming you as additional named insured, with a minimum of (I use $300,000) liability insurance, also before they move into the unit.It's not perfect, but it's a start toward a tenant transparency.