I would highly encourage paying a GC to walk deals out the gate, have them give a scope of work so you can see what items costs.

Here's an ideal PM contract: The two keys are: The PM is incentivized to make you money, not charge high fees, and is contractually bound to provide reporting that you can understand in a timely manner. 

I prefer Section 8 tenants to low income cash paying tenants but there is a damn good reason why many landlords won't put voucher holders in high end properties.

I guess my question is this: is the very low cash flow (due to my low down-payment and high interest) going to improve?

And in those events prices can rise dramatically!

We have a pretty good Tenant who is moving from one apartment unit to another.

Our home state, TX, has really high property tax which is see as a big disadvantage.

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

Glad to have you as a part of this awesome community, Chandler! 

I only have 4 SFR with sec 8 but I’d highly recommend it.