If the property was successfully acquired, the mentor would keep the student in on the deal with a pre determined ownership slice.

These properties typically do not have rent growth that keeps up with inflation.  

An Excel file or other detailed record-keeping system would okay, as long as it accurately tracks your hours spent on real estate activities.

Can you keep up and afford to have your lawyer update your documents?

You could see an attorney or even better talk about it with your financial planner many have legal tech now that makes it essentially frictionless to get your estate work done and keep it updated.  

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Also keep in mind as time goes on typically your yield will increase because of the rent growth. 

@Chris Magistrado if she knows what she's doing and consistently keeps a sharp eye on what's going on it's possible.Should have local "inspector" that can verify what's done and how well, before paying contractors.

Making your Airbnb stand out is all about keeping it simple and smart.

I want guests to do their laundry throughout the stay and keep up with the dishes and trash :-).I also fill my K-cup dispensers between guests.