The small lot and setback requirements mean that it would have little to no value as a tear down.  

or if not 50% capital required why wouldn't the other partner just find a realtor and CPA to find/underwrite the deal and 3-5% for property management then own/keep 100%?

I remember with my SFRs in the beginning, it seemed liked anytime I spoke to my PM there was an issue that required more money out of pocket.

Plus the added requirements around getting drawings and general contractor for even adding a tiny closet.

By tackling them early on, you minimize the risk of missing critical dates.In my experience, closing a deal within a specific timeframe requires meticulous planning.

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

And how do you approach balancing asset management between third parties and in-house?

The mortgage companies usually only require one year.

Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

Either payout wasn’t right , horrible tenant selections ( I started requiring them to bring me the cream of the crop and I decide)  I tried 2  different pMs.