Values drop, sometimes drastically, rents go down as quality of tenant declines; cost of operstimg properties increase, and governmental interference, especially in the form of rent control, can slash values and profitability severely. 

I found a fantastic deal in year 1, bought it on the 2 year anniversary of me stepping into the brokerage's doors, and that deal now pays my partner and I about $13,000/month each.

It's a far superior product to sheet vinyl and peel and stick vinyl products for a multitude of reasons.1) With most brands, you can't install it over an unconditioned space, it has to be climate controlled.

It would be a lien placed on the entirety of the property that is deeded in both your names (or in your entity, if you closed in the name of an LLC).If you plan to take full control of the property, you could refinance in your name/entity alone with a cash-out and pay your partner off with their equity share.

I cut costs,  maximized efficiencies, raised rents accordingly (that alone will increase my cash flow this year by about $1,000 per month); and streamlined landscaping/pest control/rehab work and on. 

As a landlord, you should vote No on Prop 33.Costa-Hawkins restricts most control laws that local cities and counties can impose. 

You don't have much control of the money. 

Happy tenants are more likely to renew leases, reducing turnover costs and vacancies.Legal Compliance: Property managers ensure compliance with local, state, and federal laws, including regulations on rent control, fair housing, tenant rights, and eviction procedures.

To your point, yes the larger check writers want more of the upside, control and will also do a more thorough look at the sponsor to understand where the GP equity is coming from, who is guaranteeing the debt etc. etc. 

My advice for establishing a trusting wholesale relationship is to get properties under contract and controlled legally, after which you can start having a conversation about agreements.