They create the team and a plan, acquire, due diligence, take care of loan products (If needed), oversee construction/renovation, hire property manager (or run in house management,) take care of accounting/taxes/K1s, deal with closing or refinancing.An LP (limited partner) just puts in the funds (after hopefully vetting the GP and team) and keeps fingers crossed while earning mailbox money. 

I have a RE LLC with each property in an RPT.I own 3 LTR SFHs in North FL that I acquired pre/during-COVID.

I’m looking to acquire more properties as well as wholesale some deals and even start some Airbnbs. 

Newbie to real-state and looking to learn ahead of first rental we are planning to find/acquire in ~12-18mo. 

Because he/she will know the process of buying / selling properties so they can be better suited to ask you the right questions.For example, since I acquired properties in the past, I know the ask clients if they got a home inspection/appraisal / survey prior to closing on the property.

When it comes to acquiring lucrative coastal luxury vacation rentals on the Oregon Coast the most challenging components can be permitting and timing. 

I am on the journey to acquiring a charming 2-bedroom, 1-bath cottage in a popular tourist area.

The answer will depend on how you and your partner acquired the property.Did you acquire the property as tenants in common or through an entity?

This could also be a good opportunity for that 1031 exchange mentioned in your original post (since it doesn't sound like the timing may be 100% for the primary residence exclusion), but only if you want to acquire a similar rental/investment property.

Here’s the kicker; you and sis have to convince the three of you that the places you want to acquire meet that model, and let dad critique your proposals.