You have asked a lot of questions that with some digging through the search bar you will find have been covered many times.1) Talk to a lender when you're closer to your buy timeline and they will outline the different financing options ranging from 3.5%+ down FHA to 5%+ conventional financing and the pro/cons of each.

Yes, the LPs are putting capital at risk, but GPs are putting their time at risk, and time cannot be repurchased.But as noted above, you are referring to the waterfall, which outlines exactly how the money will flow from the deal, and they can be structured in infinite ways.  

Hey BP community-Below I’ve outlined a deal I’ve found in Florida.

This is subject to occupancy requirements outlined in your mortgage.4.

Consider the following outline for your email, letter or phone call.

So no tangible benefit there.The one exception I would outline is if you want to pool money with someone else and invest together.

Should we just collect a little extra each month until they have submitted the full last month's rent (and of course have the specific payments and what they're for outlined in the lease)? 

The strategy outlined in the book One Rental At A Time that you mentioned would likely be easier to achieve in the U.S.

- Based on my outline above, can you find any flaws in my plan?

It was outlined with penalties on me, recourse, obligations on me, and if I chose to sell, they'd get a % of the sale. 2) Use an Attorney - Here's where I'm kicking myself in the leg.