Given you and your investor both have experience in different areas, I’d say keep a flexible approach and compare city requirements before putting too much money down.

This would mean that the difference between the cash on cash return and the IRR is appreciation, which you'd receive upon sale. 

This is mainly how we find buyers to offload our learnkey properties too.

See the difference?

I focus mainly on buying deals and working with partners for said deals. 

I'll double check with a few tax strategists we work with and update this thread if I hear different. 

Although as @Drew Sygit asks, what have those PMs that pledged to do it better now learned that may bring them back into line with main stream service providers? 

After listening to his podcasts, I don't have questions because he's already asked them.I got into a different program before I learned about Seth, but I do soak up his information.

I don't feel there is one answer to this question as every property is different and what are your goals, how much time do you have to manage, what are your strengths when it comes to working the trades, people skills, etc as that will help drive towards your super power. 

I tend to lean toward my clients getting some experience owning a standalone rental property prior to buying a live-in multiunit, but at the end of the day, every situation is different.