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 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.

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

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. 

I recently broke my own rules and hired a new GC we had never used before to do a 700 sq ft unit thinking it was a small quick project.

My favorite is when the reps and warrants state that the loans are being sold as is and the seller will not take any responsibility or guarantee that the loans are enforceable or not, even if they were the sole cause of such  unenforceability.