.- Expected renovation costs $1MM.

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

Communicate expectations upfront—because once they start double-parking or treating the place like a frat house, it’s game over.Cameras, Cameras EverywhereYou’d think adults wouldn’t steal each other’s food, right?

I have found that they worked really well when it comes to getting better tenants and better rents, and having less hassle, less headaches, and then getting a higher sales price; without paying closing costs or realtor fees.

Without this workout, the down payment requirements, current levels of interest rates and cost of the transaction would not be incentivizing enough to for investment. 

Yes we avoid custom work to help keep cost down. 

Just let them know upfront they’ll need to restock for longer stays.

However, one nice thing about this community is a one-time cost and it doesn't require additional payments.

And then also do you typically repay each partner their upfront costs from the profits before then distributing profits?

Support has gone down substantially imo while costs have gone up. big issue for us was the announcement lady year that tenant ACH payments were going from free to $2.50/pop, or you can cover it for $1/unit but you have to do all doors and can’t pick and choose (despite there being a beta that they announced, told me I could join, then later told me I couldn’t join bc it was too late and blamed me for not asking sooner when I literally asked right away and followed up repeatedly).