It seems like location would be especially critical with pad-split (and similar systems), but I’d love to hear your thoughts on what to watch out for in terms of zoning, safety, or demand.Also, I’ve traditionally rented out units the regular way, so I’m curious how screening tenants works for you with the pad-split (and similar) model.

For instance, how did the due diligence "come back as clean" and the "leases were solid" if the rent was not paid up to date and paid REGULARLY?  

As far as checking your accountant's technical competence, you can use this old but still applicable questionnaire:https://www.biggerpockets.com/forums/51/topics/792277-how-to...Other questions that you may want to ask are listed in this post:https://www.biggerpockets.com/forums/51/topics/795929-questi...3.

For someone that's not as conservative, or a different view on the cycle, they might have a different opinion than me on all of this.2) Sponsor quality check: (takes about 45 minutes per deal)I believe that a great sponsor can take an average looking deal and make it great, and that in mediocre sponsor can take a fantastic looking deal and make it bad (especially if there is a severe recession).

If you plan to manage remotely, then find a good PM or have a trusted team that can inspect your property regularly - and be ready to pay them.

If a repair will take longer than expected, update them regularly.3.Surveys and Feedback: After a maintenance issue is resolved, follow up with tenants to ensure they’re satisfied.

Thank you for the suggestion on MiniStays we'll check it out!

@Nadia Jones Starting and running a fund is a separate business because it's something that you need to actively market for and regularly work on attracting capital to invest in. 

(I'd love to just do a regular assumption on these, but I've more or less maxed out the number of houses I can buy in my name already)What I've done on these sub-to deals in the past:1.

For these reasons, we don't invest our emergency funds in anything that has volatility and we can't write a check against it the same day for an emergency.