It's an awesome way to jump into RE yes its scary at first but as long as you have a criteria going in it eases some of the emotions during the process my biggest thing was lower my cost or keeping it the same.

I’m in the process of managing 18 units and have a full-time job.

I will likely follow what you outlined above, but won't open my calendar right away to allow time for the permitting process.

We want to detail the responsibilities, capital contributions, profit and lost sharing percentages, decision-making process, have dispute resolution methods, and exist strategies.

All funds process through various channels but the PMS (with trust accounting which is very important) keep track of all the funds and then we disburse monthly to the owner. 

 @Rich Davis here in Texas, insurance is cracking down on many things they would have overlooked before.

We had a mentor guide us through the process.

This clarity upfront helps set aligned expectations and creates a smooth start to the renovation process.

Determined to avoid such mistakes in the future, I earned my real estate license to better understand the buying and selling process.

So talking with your Realtor on scenarios that truly are likely may help you speed up your search and offer process, and help you find a great spot.