You give them the autonomy to do what needs to be done to bring you the best return.Property Management can be very much the same.

More often than not these days the tenant is a regional site for a national credit tenant often publically traded.Delaware Statutory Trust - A twist on the TIC with a slightly different structure allowing for many more investors in a single project and more autonomy to the syndicator. 

There are valid reasons / arguments each approach.All this assumes that the person actually has the skills to do the job.In addition, you would need to resolve the degree of autonomy that a person in this role would have.

Downside:Some companies, as they become big, may not be able to tend to all their investor clients, especially if your friend is looking for some hand-holding and learning all through the process Your friend wouldn't have the autonomy of capital deployment and what deal and market it will be invested inSince your friend just sold a company, he doesn't strike me as a beach bum and the fact that he already reading a ton of content about MF it looks like he may want a little more.

Fractionals allow you to spread your risk across more properties but the cost is autonomy and control.

(Assuming I understood your post correctly)The less autonomy and decision making authority I have over a prospective deal, the less comfortable I am with it.I'm not saying it's impossible that the deal might be legit and that their business model just happens to be that they make money from as many sides of the transaction as possible...but for me, I'd have to have more information on them and understand (and believe) the real why behind their business model.

I don't mind give up more of the commission to have more autonomy and advice from someone who is investing also. 

Great Question Jennifer,Heidi and I use the physical address of our the attorneys who are our Registered Agent in Nevada and In Utah.It is part of our annual fee and they forward all mail to our USPS Post Office Box.The Registered Agent is a great resource to keep your personal autonomy.

The town largely looks the other way since it is such a large source of revenue.The beach towns are considered part of Jacksonville, but have their local government and a degree of autonomy.  

Sure, you can't devote your full time to it, but if you're working on one house at a time, you either contract the rehab work out or go over and work yourself when you're not at your full-time job.I prefer the safety, stability, and steady stream of income from maintaining my full-time job as opposed to the more immediate increase in freedom and autonomy from pursuing real estate full-time; at least, until I feel that I'm making enough from my investments that I can comfortably make the transition.