The #1 reason that Landlords fail, according to the American Apartment Owners' Association, is the landlord's failure to manage to the lease.  

I'd be seeking someone to fund the down payment of the deal and I would be responsible for property management/bringing in funds for initial renovations for a profit/split.

I'm thinking I could have someone manage the build as my eyes and ears when I'm working.

CLUE, managed by LexisNexis, is a database that tracks claims history, which insurers use for rating and underwriting policies.

And will you be utilizing property management firms to help out? 

If you are unsure, to start, hire a property manager and don't let the tenants know you are the owner. 

We got out of condo conversions couldn't really sell any of them and transitioned to ground up development of single family homes and three story walkup triplexes on a build to rent model which is much easier for us to manage and our exit isn't a sale it's just a refinance. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If there is a property manager, your success rate is going to be very low.   

Hey Barbara, I have a property manager I can recommend for the LAIC service.