Keep in mind any premises liability, landlord tenant, contractual dispute with a vendor that performs services in CA will be  resolved in CA if that's where the real estate is owned and operated. 

I mainly operate in the Southeast part of the U.S. 

Have sold a note on this platform, went seamlessly, easy to understand step by step process.

This creates a potential passive stream of income and a way to extend the lifespan of your coaching investment which seems awesome for your business model.Example: Ryan Serhant, advocates profit sharing (equity stakes) in deals that his coaches help close which takes you from coach to partner, and a model proven successful.Client View: Positioning yourself as a partner to their operation is a way for the client to understand your investment in their outcomes outside of the dollar signs involved, and shows them that you are coaching them in a way that provides long term success.

The most important thing to do is to find quality operators to partner with. 

Before or after you closed, did you go talk to the other three homes and let them know what you were planning and how you were going to operate? 

You'll need a reliable network of local professionals (plumbers, electricians, handymen) you can trust.Hiring a Property Manager:Peace of Mind: They handle day-to-day operations, tenant communications, and legal compliance.Local Expertise: They understand the local market trends and rental laws in Colorado Springs.Cost: While there’s a fee, many find it worth the reduction in stress and time commitment.Lessons Learned from ExperienceBuild a Strong Local Team: Even if you manage the property yourself, having a dependable local handyman and a real estate attorney can save you headaches.Leverage Technology: Utilize property management software for rent collection, maintenance requests, and tenant screening.

This is more common for commercial (5+ units, often lenders in this category want the owner/operator to have experience self managing or hire professional management), and not very common 4 units and under, IME.  

I agree with Evan that the other deal terms are fair, but how is the operator going to turn the property from cash flow negative to cash flow positive in order to pay the investors the projected return on their investment. 

I've done that in 2-3 of the spots I have STRs in, with that said it made me learn some different areas I needed to protect myself in once I got in contact with the operators.