Here are the four things I order  1- BPO (150.00)2- home inspection (350.00)3- pre-lim (225.00 maybe free)4- appraisal. (500.00) That 1225 tells me everything I need to know and I’ll kick the deal at each stage if the numbers don’t perform. 

A good PM should be on top of this and not simply ride out the market shifts.Technology & Reporting: What tools do they use to monitor guest interactions, maintenance, and property performance?

Sharing access through co-hosting is a common approach that allows the PM to perform their duties while you maintain control over the listing and its reviews.

@Daniel AlvarezI have using my spreadsheet to track performance for a few years now.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

We’ll consider additional upgrades, like a jacuzzi, once we see how well the property performs.

Biggest clauses are: who's responsible for what, what are the penalties if someone doesn't perform their duties (including forcing them out) and what happens if one party wants out and the others don't.BTW: your brother should do this with his new girlfriend BEFORE paying part of her mortgage!

Also, with the shift toward focusing on cash flow, are there any specific markets or types of properties you’re seeing that perform well, despite the challenges?

It is very common in the investment advisor space. for example, if I find an investment advisor and want to know how his client's portfolio has performed last 3 years they do not make that  information up, its verified. 

Will you be responsible for trimming feet, doing shots, wormer, exercise, what if the horse gets sick, what if a horse brings in something like vesticular stomatitus, and all the horses get it?