@Frank Pyle yeah, this is pretty normal and the type of home you use isn't of consequence. 

Looking for the next one as I type.

Ask here what you want to know.These same types of threads show up 2-3x month, and the reality it's all the same.

This agreement is just like a listing agreement when you go list a home, you are hiring the right person for the job, so this is the same type of contract, but this person is hired to find you the right home. 

I think the answer to your question depends on the type of tenant you would be targeting.

Depending how much of the neighborhood is a hot zone for renting rather buying, and which Property type is performing better than the other (meaning 1bd 1ba 2 floor renting out faster and much more consistently than a 2bd 1ba 1 floor), you can make your choice of those factors as well as other ones that impact your decision for what you wanna do with your investment.

These types of properties can still appreciate an exceptional amount if you pick the right area.

Also there is no scarcity of syndications/sponsors around for any type of asset class so no need to rush into it with one you are unsure of or think there are no others doing it. 

I wouldn't do it unless I had the first type of property.

I'd love to learn more about investing in hotels and this type of properties, so please if you have any books/documentaries/any type of resource that I should definitely study before I venture in the wild, comment them below my post.Thank you so much in advance!