That's a common phrase.Real estate investors can get more bang for their buck from their PMs when these folks "think like an investor."

@Rud Sev, I would ask the syndicators you are considering if they have any sample K-1s they have issued in the past to try to get a general idea of how they treat their common taxable items.There are a few things that are likely needed to be outlined:Your capital account balance for the investment, i.e. how much money the syndicator is saying you have outstanding at any time and used to calculate preferred returns, can vary from your taxable capital balance shown on K-1.  

You will get people willing to share in high demand areas and you will see this in high rent areas but you are keeping up the common areas and it is a bit harder.

I'm absolutely not interested in leasing fast at all and I'm extremely picky about tenants and I do things like require a large security deposit (even for section 8 renters, I have three of them and love them), don't supply appliances, take my time doing background checks and arranging multiple calls/meetings with potential tenants. 

Make sure everyone knows a cleaning schedule, expectation for common areas, how are you splitting utilities, guest policy, etc. 

Jordan, Across MN in the heavy tourism areas, STR PM's are very common.

Only thing better would be initial deposit and then paid in full upon Certificate of Occupancy and punchlist complete.Of course, standard items should also be checked: licensed, insured, willing and able to pull all required permits, reference checks.I would also commonly avoid the cheapest bid you get.  

If you can buy something habitable, and rehab it over time while you live there, that could be a home run of an investment when you look at your return on investment, especially if you house hack.Sure you may leave cash in the deal, but if you buy right, it could still be an extremely profitable and low-barrier to entry way to get into real estate.

It's not likely you'll be able to rent rooms out for 1500-2K per month unless it is an extremely nice house/area.

The most common options used by investors seem to be an LLC or Umbrella Insurance.