We're currently working in the business quite a bit right now, but as it grows we'll be hiring to have it fully staffed with passive income to cover our current expense plus more. 

I recommend hiring a Bookkeeper who is Independent of the PM and knows what they are doing because if they PM is doing weird things they can catch it and have no care if you fire that PM. 

I recently hired them to handle all my cold calling marketing acquisitions and dispo.

Don't forget to familiarize yourself with local laws and regulations; hiring a local attorney can help navigate the legal aspects.

I would not let some arbitrage my property because I can do it myself and cut them out :)Even if you are not interested you could hire a good local manager and still cut them out.

That said, people say it saves maybe 30% vs hiring a GC, and it might be even more for that in our case, hard to say until we're done.We've had good experiences with the RWC bldg dept, inspectors are nice and helpful.

All the more reason to hire a good property manager, or if one insists on self-management, make sure you get to the property at least once a year.

Are you GCing the deals and subbing out the work, or are you hiring someone to basically do everything?

@Joseph Belgradthey should hire an attorneygood luck

However, if this is a true "joint venture", all members must be actively involved in generating their own profits so the credit partner would also need to participate in decisions regarding the property such as which contractors to hire; handling issues that arise, etc.