You split the monthly proceeds assuming there are monthly proceeds, and upon exit in 3 years, you split the profit from the deal, again assuming there is any and everyone is evened up at that time.If you were pitching me on this, I would say no because you assume no risk. 

To minimize upfront costs, explore down payment assistance programs, creative financing strategies like seller financing, or rent-to-own agreements. 

Just be sure they have a strong plan in place to market your properties quickly and that you thoroughly vet their tenant screening process to ensure minimal vacancy and high-quality tenants.Ultimately, finding the right PM should make your life easier, not harder.

I wish the appointment was with him... its with an attorney at his firm, hopefully this attorney has a lot of experience and gives we several legal options... not another sales pitch. 

They have a great sales pitch, but rush to sign you up and not much after that.

I am not looking to pitch you but I can have connections for what you are looking for.

Just focusing on the passive income you want to achieve will leave you chasing cash flow which will have you buying properties in worse areas with harder tenancies that seem to cash flow better, but will have large cap ex.Any time someone asks a question about where to invest and it can be anywhere, they aren't ready to invest and are opening themselves up to every pitch in the world on an area.

If maintaining strong cash flow and minimizing risk are more important, Option 1 is the safer choice.Good luck! 

. - PM charges minimal fees.- PM is contractually obligated to perform annual maintenance/inspection to keep property in top shape. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

In the one house that I still have some existing, it's only on an overhead light circuit with no insulation around it, and I minimize the load on the circuit by using only low voltage LED lights.