We already paid them a pretty sizeable entry fee ($30k) to cover some of their equity and debt in another project.

Hennepin County, No. 22-166, Slip Op. at 14 (May 25, 2023) ruled property owners can reclaim any surplus equity resulting from a tax sale.

Also, do you plan on putting a certain % of the equity into the deal or will your LP put in 100%?

Hi Jasmine-Congratulations on being ready to turn your primary residence into a rental.Your question is should you use a property manager or self-manage your property.If there is enough positive cashflow or you can afford to pay a property manager, I always recommend doing so for the following reasons:1.

Emphasize that your offer is competitive and you’re ready to move now, or set a reasonable deadline for the offer to ensure the seller knows you’re serious.Use Comparables StrategicallyHave data on hand to support your position.

However, what I don't know is how long have you been in your home (how much equity do you have in the home) and what is your current interest rate.  

Value is currently $700k more than my acquisition and rehab cost and it has some small positive cash flow (~$5k/month). 

Are they bringing equity?

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Honestly, I would not sign any lease until you positively close and legally own the property.