@Rich Emery if you're not EXTREMELY organized, you'll spend every day with your "hair on fire", making critical mistakes that cost your clients - and you'll get burnt out.Don't forget to research the licensing requirements of PMCs. 

Here's my take:Property Management is more closely related to automotive manufacturing than what people naturally think of when they hear "Real Estate."  

The After Repair Value of the property must naturally be more than the cost of any liens and the cost to renovate so they get their money back.3.

But nope I just put the tips on my site LOL. .It really is amazing what is 2nd nature to me/us that others do not know.

Pay-to-play is somewhat true because when you join a good coaching program, which is an active community, and surround yourself with fellow investors who are actively looking for deals, opportunities will naturally cross your desk.

Hair Dresser, Plumber, anything! 

I am curious about this nature of the business as I build my REI business.

I was in a situation similar to yours and I have a duplex corner unit with a natural basement egress and tall enough ceilings.

You'll start to grow white hair during the process, especially entitlement/land use/gut-out rehabs.However, if the sponsor only buys and performs cosmetic rehabs, then I believe 2/20 or even 2/10 structure makes more sense.

You'll need to provide Entity Docs for each LLC that is a part of the transaction so that the underwriters can review them all the way down to the natural individuals/warm bodies.