I hadn't thought of that, and I wouldn't expect it, but it's a good point to note and perhaps worthy of adding a clause into the agreement/proposal regarding the investors' roles and abilities to influence decisions.

He is on his 3rd PM in 2 years and about to fire this one.He is asking if I'd be interested in taking over PM role for the 3, and when he moves out it would be the 4 units. 

Even if you are planning on filling that role now I would encourage you and your attorney to do the diligence now on a successor trustee to take over when you no longer can or want to be trustee. 

I would agree that it is a big obstacle but debt to income plays a big role in brrrr growth.

Their only role will be to inspect the property for a fee.

Do they reduce my role to crunching numbers, choosing designs, and hiring and communicating with the contractor and lender? 

I won't probably be playing the GC role on this one because I need it done properly. 

what would your role be? 

The last thing to think about is the "roles and responsibilities" of a partnership.

Though with the next down turn in the market (whenever that is and how bad is a role of the dice) foreclosure rates will go up for sure.