Usually, by the second month, you are figuring out how to evict.Sometimes we have a specific unit that has been on the market a long time. 

A good place to start figuring out profit/cash flow is to search the forums for the 4 Square Analysis. 

I would just cap it generously to only catch abusers and figure the normal running costs in your rent. 

A syndication was way overkill because there were only 5 capital partners so they customized an operating agreement with their attorney that outlined roles and responsibilities, distributions, membership interests, etc.And you don't have to have all this stuff figured out right now; it's very customary for us to assign the contract to whatever customized entity we end up forming.Just one caveat. 

My friend also owned a rental property in the same community so I figured it would do well.How did you find this deal and how did you negotiate it?

Otherwise, you'll have to go for a hard money lender and expect 12%+.

You may just want to jump in and get started and learn along the way and figure out what you like over time.

Figure out how to fund the purchase.

What are the costs for the value adds, the expected hold time, and the expected sale price? 

When I shared the success story that's all that was - maintenance of course you have to factor in but on the raw deal over 4 figures in net cash flow is very good (at least to me).