I also wrote a piece about buying out of state a while back you might find helpful: https://www.biggerpockets.com/blog/2014-12-23-investing-out-...

Having that management piece set up usually helps with the partners.

As tenants in common, @David Denney, and his father, and the other partner each own a piece of real estate that happens to be 1/3rd of a larger piece of real estate. 

The group I'm working with has discussed this, but we haven't come up with a full idea of how we'll be managing this piece. 

The bookkeeping aspect can be the most challenging, frustrating, and crucial pieces to any business.

I started off by looking for a deal and then putting the pieces in place.

I am about 9 years in the roomie/tenant house hack (where i basically PM'ed for the LL from the inside); and about 2.5 years in the roomie/LL bucket. one piece i will add, i try my best to not "call shots" and keep things pretty democratic/ open for dialogue discussion between everyone. unless its a safety issue (or a liability issue, like guests can be)... i prefer this to be "our home" instead of "my house". 

Coming together has allowed me to build relationships with the players/pieces that need to be in place to make it a successful environment and there have been bumps along the way no doubt and we learned so much, but you can't get anywhere you want to go in life without learning the lessons you need to get there.  

Not only that but when you are in a portfolio loan and would like to for example sell one and break it out then most lenders will want to be paid back 120% of the balance attached to that piece of property back into the principle of the loan

Unlike traditional financing, where the buyer buys cash from the bank (mortgage) and gives it all to the seller, I'm just buying the equity in pieces.5 - See above.