We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

One symptom is leases that have not been renewed or increased in years, but you also find a lot of deferred maintenance.I do a survey about rent increases with our RPA members every year here in Milwaukee and most of them have between 5 and 50 units.

I would also explain that if it happens again that they may be responsible for some or all of the cost.

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

And the owner is very responsive to questions or issues (emailed him at night and received a reply within a few hours).  

I agree with both responses @Chris Magistrado.

Thank you Tim for the response.

I appreciate your advice and thoughtful response!

If there are any helpful answers, I believe such responses would also be valuable to others in my position.Thank You! 

Have some initial conversations to see who’s responsive, knowledgeable, and investor-friendly.Once you find a good fit, you can focus on building a strong relationship with that one realtor.