The pricier properties should either have a higher rate of return (to compensate for the higher capital at risk) or be safer overall. 

This structure first compensates either partner for skin in the game (kind of like you would otherwise need to pay for private money), then splits rest.On the legal structure, sounds like you'll want to set up an LLC, along with an operating agreement that specifies the different duties you each have, all the stuff you agreed on deal structure above.

Let them buy their own and charge them higher rent to compensate for more water usage !!

Most GCs won't come out to a property not under contract unless you compensate them for their time.

The most common difference is that the state will impose some tax or fee on pass-through entities where the federal government does not.Many business organizations are required to have the same fiscal year as their owner(s) have or to basically have a deposit with the IRS to compensate for timing differences.https://www.irs.gov/businesses/small-businesses-se...https://www.sba.gov/business-guide/launch/choose-b...

They can refuse that for a fee to compensate for the delay in re-leasing the home.      

I would not take on a unit for little compensation as buy n hold rentals are not 100% passive

You think they would at least explain to a host what is needed to get compensated fairly in the first place.

I usually go 50/50 on deals such as this but you also need to compensate your Uncle or yourself if you are doing any of the re-hab which I assume you are. 

How exactly did you figure out the agent's compensation?