Thank youTo add on to the other already excellent replies:- The syndicator typically either bakes their management and operations into the investment, thus making additional funds for themselves, or uses their own subsidiary or someone they have a partner deal with.

Depending on the strategy you end up going with will probably dictate what property manager makes the most sense as they all have their different niches they excel at.

Btw, right now I'm still using a self-built Excel spreadsheet that works just fine for me.

An asset protection plan is an excellent start but so many layers to this question.  

As many have mentioned, Memphis is an excellent market to target for investing and your boots on the ground team will make all the difference. 

However, if I'm just looking at the structure/improvement I believe that a home would depreciate following a curve in the same way that most physical goods depreciate on a curve (in terms of real dollars, adjusted for inflation). 

I don’t think this is the borrower homestead since the records have a different owner address than the physical address.This is confusing because we aren’t buying a foreclosed property, we would be foreclosing to take possession.

A HELOC and a Home Equity Loan are the same thing.I have an excellent residential mortgage broker who can help you with this, he's based in Orange County. 

We build our models in excel and try not to over complicate them (even though ours is pretty complex).

There’s not much else it can be unless it’s in really bad physical condition, which the PM would also notice right away.